The Tron (TRX) network remains one of the main challengers to Ethereum (ETH)’s blockchain’s throne after the former experienced its biggest quarterly rise in value yet. But among other things that would help decrease Ethereum’s dominance, Tron still needs to ditch its gambling dapp-fuelled “Las Vegas on the blockchain” image, according to a new report.
Per the DappRadar-compiled 2020 Q3 Dapp Industry Report, Tron “has skyrocketed” over the past financial quarter, reaching “an all-time-high value” and “continuing to disturb Ethereum’s dominance.”
However, the report’s authors noted,
“This [growth] was fueled by increased activity within the high-risk category and expanding DeFi ecosystem.”
The authors noted that TRON has undergone “major changes” this quarter, launching version 4.0 of its mainnet and developing a “DeFi ecosystem” – both of which are “positive signs the protocol could outgrow its reputation as ‘Las Vegas on the blockchain.’”
The moves provide evidence of the network’s “ambition to grow its DeFi ecosystem and attract more visitors,” the authors added.
Gaming also saw a rise on Tron, with daily activity increasing quarter-by-quarter by 31%, along with a 109% increase in transaction volumes.
Regardless, “gambling and high-risk” dapps “have played a prominent role in TRON’s growth throughout the year and remain the largest category,” the authors continued. The data in the report showed that 60% of the activity on the network takes place on dapps that fall into the “gambling and high-risk” categories.
The authors wrote of a “season of high-risk” in FY2020 Q3, which “continued into Q3 2020” – with a massive 586% rise in the number of active unique wallets in this category since Q2 (over 50,000 daily active wallets).
However, challenging Ethereum’s dominance is not an easy task as the data below indicates that none of the challengers are anywhere near this leading network.
At the time of writing (16:01 UTC), TRX, ranked 16th by market capitalization, trades at USD 0.0263 and is down by 20% in a month, trimming its quarterly gains to 51%. At the same time, ETH, ranked 2nd, trades at USD 353, dropping by 1% in a month, but rallying by 48.5% in the past three months.
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