Decentralized applications (DApps) provide solutions in various fields such as finance, gaming, and trading. Currently, the Ethereum blockchain is by far the best blockchain for building DApps.
Let’s take a look at some of the best DApps built on Ethereum.
Uniswap is an open source decentralized exchange (DEX) for trading and providing liquidity. ERC20 token on Ethereum. Acts as an automated market maker (AMM) for exchanging ERC20 tokens. This is done through a collection of smart contracts that determine their creation. liquidity pool and asset exchange.
Uniswap is one of the world’s most popular and largest cryptocurrency exchanges. The platform has boasted over $1.2 trillion in trading volume since its inception.
Uniswap’s rapidly expanding ecosystem includes developers, traders, and liquidity providers working together to build decentralized finance (DeFi) apps. Developers benefit from access to open source code, software development kits (SDKs), and advanced protocol documentation for rapid development of DApps.
Uniswap’s Governance Token (UNI) provides holders with the ability to participate in upgrade decisions, vote on new governance proposals, and define the future of the Uniswap protocol.
Non-fungible tokens (NFTs) have become almost a rite of passage for most cryptocurrency holders, and NFT ownership begins with the purchase or issuance. This is where OpenSea, his one of the largest decentralized NFT marketplaces, comes into play.
OpenSea boasts a collection of over 2 million NFTs, 80 million NFTs and a trading volume of US$20 billion. Home to some of the most popular NFT collections, including Crypto Punks and Bored Ape Yacht Club.
Users can easily buy, sell, Mint NFTs With OpenSea by connecting a web3 crypto wallet. The platform also supports multiple blockchains and the largest digital collection. OpenSea has over 1.5 million active users and supports up to 150 different cryptocurrencies.
MakerDAO is Decentralized lending A platform that allows users to lend and borrow different types of cryptocurrencies. The MakerDAO Protocol uses smart contracts to manage borrowing and lending. Its two native currencies, his DAI and Maker (MKR), stablecoins pegged to the US dollar, will be used to regulate the value of loans.
The platform allows users to lock cryptocurrencies as collateral and receive DAI tokens in return. We support Ether (ETH), Basic Attention Token (BAT), Compound Token, USD Coin (USDC), and many other cryptocurrencies. Due to the anonymity of blockchain technology, MakerDAO uses liquidation to guarantee loan payments and collections.
Based on when a user borrows DAI, if the loan collateral falls below a certain threshold, the loan will be liquidated immediately. The cryptocurrency staked as collateral is immediately sold to repay her DAI borrowed plus fees and associated penalties. DAI, ETH, and MKR act as a three-party system of checks and balances to maintain system stability and prevent users from over-borrowing.
Maker (MKR) is the governance token of the Maker Protocol, allowing holders to propose or vote on new developments for the protocol. MakerDAO currently has over 2.3 million of his ETH locked in its protocol, representing about 2% of the total ETH supply.
MetaMask is an extension that can be used to access DApps via your browser. MetaMask brands itself as a “gateway to crypto wallets and blockchain apps”. This is one of the most widely used. crypto wallet It serves as an easy entry into blockchain apps and assets.
Users can create and manage their own wallets. When a DApp wants to perform a transaction, the user gets a secure interface to confirm before approving or rejecting the transaction.settings of metamask wallet It’s as easy as adding it as a browser extension to compatible browsers like Chrome, Firefox, Brave and Edge desktop browsers. You can also download it as a free mobile app for iOS or Android.
MetaMask prioritizes security, each wallet comes with a unique 12 words recovery phrase This prevents hacking and can also be used for wallet migration. MetaMask advises users to write down the recovery phrase and keep it in a safe place, as accessing the recovery phrase grants access to the wallet.
MetaMask is primarily used on the Ethereum blockchain, but it also supports other blockchains such as BNB chains, polygons, and avalanche.
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Gaming DApps with built-in NFTs and crypto collectibles are exploding in popularity. Axie Infinity, an NFT-based game known for its in-play virtual economy, is one of his most popular gaming DApps. Axie Infinity’s main draw is its play-and-earn model that sees players collect and trade digital pets known as his Axies.
Axie’s virtual economy is powered by native tokens Smooth Love Potion (SLP) and Axie Infinity Token (AXS). Both tokens can be earned by performing various activities in-game. Axie Infinity (AXS) is unique as it is also tradeable on major exchanges.
As of March 2022, Axie Infinity has recorded over $4 billion in total NFT trading volume, demonstrating the incredible demand the game has generated. Axie runs on Ethereum with the help of his Ronin, a sidechain that minimizes fees and transaction delays.
Compound is an interest rate protocol that allows users to borrow, lend and earn interest in a fixed cryptocurrency. The platform allows deposits in various cryptocurrencies such as Ether (ETH), USD Coin (USDC) and DAI. Users can access Compound’s functionality by connecting their wallets. Supported wallets include MetaMask, Ledger, and Wallet Connect.
Using an automated matching protocol, Compound matches lenders and borrowers. Funds are deposited in liquidity pools to collect interest from borrowers and reward lenders.
COMP is an ERC20 token that serves as Compound’s native currency and its governance token. As a result, COMP holders can participate in governance activities that determine the future development of the compound. Compound’s protocol can also be integrated with other compatible DeFi platforms.
Wormhole offers cryptocurrency holders the best of the blockchain world. It acts as a bridge between multiple blockchains to efficiently move digital assets between them seamlessly. Wormhole Portal provides users on blockchains such as Ethereum, BNB Chain, Solana, Polygon and Oasis with a secure and transparent platform to bridge crypto assets.
Wormholes solve the difficulty of moving tokens between blockchains and interoperability between chains. Additionally, Wormhole supports a cross-bridge of various DApps and NFTs built on top of it.
Ethereum has given DApps a solid platform for growth
The Ethereum ecosystem is powerful and the possibilities seem endless. This has already resulted in some great DApps being built, and more are likely to emerge in the future. Overall, Ethereum has been very successful in developing a solid platform for DApps to achieve their goals.
