Decentralized applications (Dapps) have been expanding in the market in the last few years. Nowadays they became an important part of the whole crypto ecosystem.
One of the best blockchain networks to launch Dapps is Ethereum (ETH), which is also the second-largest blockchain ecosystem in the market after Bitcoin (BTC).
In this article, we will write about the top 5 best decentralized applications that run on top of Ethereum.
MakerDAO
MakerDAO is not only one of the most popular decentralized applications on Ethereum, but also one of the most recognized decentralized financial (DeFi) protocols in the crypto space. The main goal behind Maker is to help individuals become part of the financial world through blockchain technology. This decentralized autonomous organization (DAO) works with the Dai Stablecoin, which runs on top of Ethereum. DAI is a stablecoin that has a stabilized price against the U.S. dollar and that it is used by users to hedge against volatility in the cryptocurrency market.
Although the cryptocurrency could have a stable value, it does not have real USD backing it behind. Indeed, Dai is backed by crypto collateral, eliminating the need for dealing with traditional financial institutions. The network has another cryptocurrency called MKR and that is currently the top 21st in the market. This cryptocurrency is created and eliminated according to DAI’s supply. Moreover, MKR tokens are also used to pay for transactions that are processed on the network. Furthermore, Maker allows users to get a loan using cryptocurrencies as collateral and receiving DAI. All of this is made possible without relying on a centralized financial institution. MakerDAO registered 7,500 users on its platform in the last seven days. Users also handled $3.2 million in volume.
My Crypto Heroes
Ethereum does not only allows users and developers to launch financial decentralized applications on top of its network. Indeed, there are many other use cases and Dapps in the market leveraging Ethereum’s functionalities.My Crypto Heroes is one of the top Dapps running on Ethereum. As a multiplayer RPG game, it allows users to level up their heroes through different quests and join other players to conquer the MCH world. One of the main features of this network is the fact that it allows users to secure their items through ERC 721 tokens. While traditional games are centralized and the items are really unlimited, ERC 721 are non-fungible tokens that allow developers to tokenize ownership of any specific data. In this case, My Crypto Heroes tokenize items on its game, allowing users to be the real and unique owners of these virtual goods. According to data provided by Dappradar, My Crypto Heroes became the third-largest Dapp running on Ethereum with 3,800 users in the last 7 days.
Kyber Network
According to its official site, Kyber network is an on-chain liquidity protocol that aggregates liquidity allowing users to instantly exchange tokens in decentralized applications. As one of the most used Dapps running on top of Ethereum with 1,500 users last week, the protocol is helping users perform different token swaps integrating them into any application. Developers are able to create different payment flows and financial applications as well.Despite the massive price action that the KNC cryptocurrency experienced in early 2018, the digital asset remains close to all-time lows. This is also related to the bear market experienced in 2018. Interested users can operate as a Kyber reserve and start earning spreads on transactions making tokens available and liquid for other users, decentralized applications and other financial platforms in the ecosystem.Thus, Kyber network allows for interested parties to increase their token exposure and usage, earn from spreads and allow for token price discovery. In the last 7 days, Kyber network handled a trading volume of $1.5 million on its platform. One of the highest for the Ethereum network after MakerDAO.
IDEX
Through blockchain networks such as Ethereum, developers were able not only to launch games and other DeFi Dapps but also cryptocurrency exchanges. IDEX is a decentralized exchange that enables individuals to exchange different ERC20 tokens. In order for it to work, the platform leverages smart contracts that allow it to handle transactions for users. Decentralized exchanges are different from centralized spot platforms because they are not handled by a centralized organization. Individuals can use this platform with secure hardware wallets such as Ledger Nano S or other wallets, including Metamask. In this way, clients will be able to transact their funds in a secure and peer-to-peer environment. According to Dappradar, IDEX is the sixth-largest Dapp running on Ethereum in terms of users in the last 7 days. Indeed, the platform handled more than 1,400 users and $1 million in transactions. At the same time, the number of transactions processed is the third largest among Ethereum Dapps with 25,700 txs during the last week. This shows that the Dapp is being used by individuals to exchange tokens in a decentralized manner.
CryptoKitties
CryptoKitties is one of the most popular decentralized applications on the Ethereum network that became famous back in 2017.This Dapp is a game that allows users to collect and breed cats. Each of these kitties has a unique genome that allows them to have a different appearance and traits. With this in mind, there are different cats and collectables that users would be able to trade or hold. On September 4, 2018, a CryptoKittie was sold for 600 ETH, worth $172,625 at the time of the sale, which is currently worth $282,000. Other large transactions include 253 ETH and 247 ETH. Surprisingly, at the end of 2017, there were so many CryptoKitties transactions that the whole Ethereum network was congested. This made it very difficult for the whole crypto ecosystem to perform transactions because Bitcoin was also congested. Nowadays, CryptoKitties handled 486 users in the last week and managed to have a trading volume of $14,600. A similar decentralized application to CryptoKitties is Blockchain Cuties.
