|Aug 21, 2018 10:15 PM||By: Jinia Shawdagor | 9631 Views|
You hear it all the time — “decentralized apps (DApps) are the fate of the internet and blockchain.” But according to a recently published statistics, DApps have been slow to collect interest from the ordinary crypto user, like you or I.
Decentralized applications, smart contracts, and the like have been promoted as the future of the internet for years on end. But while many business leaders have openly supported DApps, this form of treatment has also been subjected to the constant ups and downs, along with the random nature of the crypto and blockchain application.
The DApp subindustry has had its fair part of provisional applications, like PoWH3D, which is crypto’s brutal take on a classic Ponzi scheme. PoWH3D’s open-sourced nature has helped it move to the lead of the cryptosphere, with the advantage of its smart contracts considering for 25% of the volume funneled through DApps in July. Although these ‘open’ remains schemes have grown a crypto hot topic, decentralized exchanges (DEXs) still dominate DApp volume charts, with programs like IDEX and ForkDelta, again seeing thousands of Ether sold each day, as per news from Diar.
According to the weekly fintech-centric edition, this is beside the point, as DApps have still been discussing the general reduction of their existing users. Take the case of the CryptoKitties smart contract(s), which single-handedly hurt the Ethereum network in December, and has since had its current users fall from 14,194 to 510, or a staggering 96% drop.
While the near-death of CryptoKitties is an extreme example of ‘DApp Death,’ drops in the usage of such applications have been seen across the food. Bancor, the suspect, yet almost successful decentralized exchange, has seen its active user count experience a 74% drop from 1747 to 457 individual reports today.
“But how about Augur?” You may order.
Well, the highly-anticipated forecast platform, which came out of beta last month, has undergone a similar decline from its top as the non-exchange DApp with the most significant volume. Joey Krug, a co-founder of the Augur plan, did his best to think why the innovative platform has not been widely adopted. Krug said:
“Right now, if you want to use Augur you have a few fees….Add them up you get 11% Fixing costs, fees, in my opinion, the difference between a fun toy and something that’s useful.”
Anyway, the Augur co-founder, who has earned the role of an executive at Pantera Capital, also wrote that the problem with fees refers to all DApps, making these smart contracts less appealing for the end user.
The aforementioned unlucky cases of failing DApp usage has resulted in a 56% drop in user counts from January 2018’s peak. In January, about 528,000 homes made use of DApps during the month. But now, that figure has declined to the comparatively small amount of 231,000 addresses. It is widely speculated that this drop in DApp usage is a primary result of falling crypto prices, as investors remain to cast aside their digital asset holdings in search for the next investment dressing train.
Although the prospect of DApps may look boring as it stands, many decentralization proponents still hope that these papers will eventually make a foray into the federal spotlight.