Most people think of blockchain as the technology that powers bitcoin. But the blockchain is so much more, and it brings with it a whole set of benefits that make it popular in other areas. One such use case is decentralised applications. This article shows you some of the top dApps available right now.
An Introduction to Decentralised Applications
A dApp – or decentralised application – is like any other application on your phone, but it uses the blockchain for additional features and security. One of the main advantages of such an app is privacy. Your data belongs to you, and cannot be accessed by any company or individual through the app.
Instead of being controlled by a single company or entity, the dApp operates on a distributed network of nodes. “Nodes” are simply computing devices of users that are interconnected to store copies of the blockchain. Therefore, the dApp works and is controlled by its users, not a large company like Meta or Google.
DApps can take several forms, from games and social networks to financial applications. All of them utilise smart contracts and the blockchain for new ways to govern, maintain and use the applications we have grown accustomed to.
Top 10 Most Popular DApps
Here is a list of dApps trending right now.
Axie Infinity is one of the most popular play-to-earn games based on the Ethereum blockchain. It involves collecting, raising and battling monsters known as Axies. Each Axie can have different classes and features.
The platform has been highly successful since it launched in 2020, generating a revenue of over $1 billion in 2021. Its native token, AXS, has a market capitalization of $812,500,000 for $8.14 per token at the time of writing.
PancakeSwap is a decentralised exchange built on the BNB chain. It employs smart contracts to allow swaps between BEP-20 standard tokens. The platform also offers several different avenues for users to earn from the platform. These include yield farming, staking, lotteries and even NFT collectables.
CAKE is the platform’s native token. It grants users benefits like staking and even participating in the governance of the platform. CAKE is trading at $4.07 with a market cap of $641,845,000 at the time of writing.
Similar to PancakeSwap, Uniswap is a decentralised exchange (DEX). But Uniswap is built on the Ethereum blockchain and allows buyers and sellers to trade without an intermediary. It has a larger token base as it supports all ERC-20 tokens, which is an Ethereum standard.
Uniswap helps users reduce gas fees by lowering the number of transactions happening on Ethereum. This makes the platform very popular with Ethereum users as it solves one of the biggest problems of the platform.
UNI is trading at $6.39 per token and has a market capitalisation of $4,864,250,000 at the time of writing.
Compound is a DeFi protocol that allows functions like borrowing and lending in a decentralised ecosystem. Built on Ethereum, Compound allows its users to earn from providing liquidity to borrowers on the platform.
Using an Automated Market Maker (AMM), the protocol automatically matches lenders and borrowers to facilitate a simple and seamless function. Owning the COMP token also enables its users to vote on key issues like treasury decisions and future updates of the protocol.
COMP is priced at $38.48 and has a market cap of $279,697,000 at the time of writing.
OpenSea is the most popular marketplace for buying and selling NFTs and other digital assets. It supports 8 blockchains, including Ethereum, Polygon, Solana and BNB Chain. It provides the tools to create vibrant new economies that thrive on digital platforms.
Launched in 2017, OpenSea has reached a valuation of $13.3 billion. The platform also has over 1 million registered users, which makes it the largest NFT marketplace today. As long as the NFT field continues to grow, so will OpenSea because of the variety of platforms and NFT types supported.
Yearn Finance is a DeFi protocol that provides users with the highest possible returns by automatically shifting and reinvesting their funds. This allows users to earn passive income and trust their funds are being fully utilised.
This removes the need to actively monitor your investments and find the options that lead to the highest annual yield. The platform uses its own Yearn token to power the protocol and enable its smart contracts and yield farms.
YFI has a market cap of $269,587,000 at $7,358 per token at the time of writing.
MakerDAO is a decentralised platform best known for its stablecoin, DAI. DAI is a stablecoin pegged to the US dollar. It makes it easier to transact with crypto tokens without worrying about their volatility. It provides financial freedom and provides the benefits of decentralised payments while also maintaining the stability of fiat currencies.
The MakerDAO is a Decentralised Autonomous Organisation, which is not managed by any single company or entity. Instead, it is controlled by its users and holders of the MKR token. MKR token holders are allowed to govern the organisation using its blockchain.
MKR has a market capitalisation of $631,753,000 and a price of $645.1 at the time of writing.
NBA Top Shot
Sport is a massive market, and NBA Top Shot is a popular platform for fans to support their favourite players. It is a marketplace that allows you to buy “moments” – highlights from basketball players and matches – in the form of NFTs for collectors.
The platform is developed by Dapper Labs, using their FLOW blockchain. It incorporates the trading card experience in a digital format, where moments are minted by purchasing packs from the marketplace. These packs become available as the NBA season unfolds, allowing fans to follow along and purchase the latest moments.
Another decentralised exchange, Curve is one of the top decentralized apps that allows users to efficiently trade between different stablecoins like DAI, USDT and USDC. Its main advantage is the low fees and low slippage offered by the platform. Like other DEXs, Curve uses an Automated Market Maker to create liquidity and match lenders and borrowers.
Read more: USDT vs USDC
The platform is completely decentralised and is governed by a DAO. Like other DAOs, users who hold the native token, CRV, can exercise their voting rights on the blockchain to influence its decision-making.
CRV is trading at $0.68 and has a market cap of $365,322,000 at the time of writing.
Step App is a popular Move to Earn app that allows you to earn while exercising. It uses your phone to track your step count and rewards you with crypto for walking or running. To get started, you can purchase a “SNEAK” NFT. Upgrading and collecting them allows you to increase your earnings from the app.
Step App is powered by the FITFI token. This token can be staked by users to earn passively. Staking also enters users into lucky draws from which you can win new avatars, badges or even sneakers.
FITFI is trading at $0.034 and has a market capitalisation of $171,786,000 at the time of writing.
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