What are the top 10 DApps on Ethernet?
What are the top 10 DApps on Ethernet?
Ether is the second largest blockchain network in terms of market capitalization after Bitcoin. In fact, there are many functionally diverse blockchain applications on Ether called DApps (Decentralized Application). These functionally diverse DApps give life to Ether. Today let's take a look at what are the main Ethernet DApps and what features they offer.
Ethernet: the largest second-generation blockchain platform
Ether is a decentralized open source blockchain with smart contract functionality. Ether is the platform's token. Ether was conceived by Russian programmer Vitalik Buterin in 2013. Other founders of Ether include Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin.
In 2014, the development of Etherpad began and was crowdfunded, and it went live on July 30, 2015. The platform allows anyone to deploy permanent and immutable decentralized applications on it, with which users can interact. Decentralized financial applications offer a wide range of financial services without the need for typical financial intermediaries, such as exchanges or banks. Ether also allows for the creation and exchange of NFTs. on October 27, 2021, Ether began implementing a series of upgrades, including a transition to proof of stake, designed to increase transaction throughput.
A relatively important technical contribution of Ethernet is smart contracts. Smart contracts are programs stored on the blockchain that assist and validate the negotiation and execution of contracts. According to the leading magazine The Economist, smart contracts allow databases of many organizations to interact at low cost and allow users to write sophisticated contracts. Because the content of smart contracts is public, smart contracts can prove that their claimed functionality is true. On the other hand, the public nature of the contract also means that if there is a loophole in the contract, anyone can see it immediately.
In addition to smart contracts, Ether can be used to create decentralized programs. For example, Opensea (a well-known platform for trading NFT), Uniswap (a decentralized exchange), Metamask (a blockchain wallet), etc. In fact there are many more features, software on Ether, maybe that's one of the reasons why Ether is the largest second generation blockchain platform.
DApps are applications that can run autonomously, usually through the use of smart contracts, on a blockchain system with decentralized computing. Like traditional applications, DApps provide some functionality or utilities to their users. However, unlike traditional apps, DApps run without human intervention and are not owned by any one entity, but rather the DApp distributes tokens representing ownership. There is no single entity controlling the system and the application becomes decentralized.
The de-trusted and transparent nature of DApps has led to greater growth in the decentralized finance (DeFi) space using these features. dApps can be divided into several categories based on their function, nature: exchange, gaming, finance, gambling, development, storage, wallet, governance, property, identity, media, social, security, energy, insurance, and health.
The following is an introduction to the above-mentioned representative DApps.
NFT trading leader OpenSea
OpenSea is an online marketplace for trading NFT, the most used DApp on Ether. opensea was founded by Devin Finzer and Alex Atallah on December 20, 2017 in New York. Users can generate NFTs for free on OpenSea and offer them to direct buyers or auctions.OpenSea is primarily based on the Ether ERC-721 standard and Polygon, a Layer 2 extension solution for Ether.
OpenSea went through a seed round of funding from Y Combinator in 2018. In November 2019, OpenSea raised $2.1M in venture capital (primarily from Animoca Brands). in March 2021, OpenSea raised another $23M in venture capital (primarily from A16z Capital). in July 2021, OpenSea announced another $100M round of funding.
In February 2021, OpenSea generated $95 million in revenue, $147 million in revenue in March, and $2.75 billion in revenue in September. In January 2022, OpenSea raised $300 million in funding (led by Paradigm and Coatue Management), valuing the company at $13.3 billion.
Devin Finzer, CEO and co-founder of OpenSea, said the newly raised funds will be used to improve customer support and security, invest in the broader NFT and web3 communities, and recruit and develop products. openSea is committed to expanding the entire NFT ecosystem. openSea will launch a grant program with the opportunity to directly support developers, builders and creators who are shaping the future of NFT. openSea's goal is to facilitate the scale and growth of the broader NFT ecosystem, including raising the profile of emerging creators and investing in the people who are shaping the NFT space for the better.
Uniswap
Uniswap is a decentralized Crypto exchange. uniswap is also the name of the company that originally built the Uniswap network platform. uniswap has 3 versions as of today. The second and third versions are the second and third most popular DApps on the ethereum network. the Uniswap web platform facilitates automated trading between Crypto tokens on the ethereum blockchain through the use of smart contracts, in contrast to Crypto exchanges run by centralized companies.
Uniswap was founded on November 2, 2018 by Hayden Adams, a former mechanical engineer at Siemens.Uniswap has received investments from venture capital firms including Andreessen Horowitz, Paradigm Venture Capital, Union Square Ventures LLC According to Coinmarketcap, in February 2022, Uniswap's average daily trading volume was $2 billion.
The first version of the Uniswap platform (V1) was released in November 2018, introducing the concept of AMM (Automated Market Maker). Version 2 was launched in May 2020 and Version 3 in May 2021.
Compared to centralized exchanges, Uniswap uses liquidity pools rather than market makers and aims to create more efficient markets. The liquidity provider provides liquidity to the exchange by adding a pair of tokens to a smart contract that can be bought and sold by other users. In return, the liquidity provider receives a percentage of the transaction fees earned on that pair. For each transaction, a certain number of tokens are removed from the pool in exchange for a number of other tokens, thus changing the price. There is no fee to upload tokens, access to a large number of ethereum tokens is allowed, and users do not need to register. As open source software, Uniswap's code can also be forked to create new exchanges.
MetaMask
MetaMask is an ethereum blockchain-based software Crypto wallet, the fourth most used DApp on ethereum. it allows users to access their ethereum wallet through a browser extension or mobile app. metaMask was developed in 2016 by ConsenSys Software Inc. a company focused on blockchain software company with a focus on ethereum-based tools and infrastructure.
MetaMask allows users to store and manage account keys, broadcast transactions, send and receive Ether-based Crypto and tokens, and securely connect to decentralized applications through a compatible web browser or the built-in browser of a mobile app.
The application includes an integrated service for exchanging ethereum tokens by aggregating multiple decentralized exchanges (DEX) to find the best exchange rate. This feature is called MetaMask Swaps and charges a service fee of 0.875% for the transaction amount. As of November 2021, MetaMask's browser extension has over 21 million active users per month.
Until 2019, MetaMask is only available as a desktop browser extension for Google Chrome and Firefox browsers. In October 2020, the desktop extension adds MetaMask Swaps, a built-in DEX aggregation service, which becomes available on mobile devices in March 2021. The product will be available on mobile devices in March 2021.
Polygon POS
Today everyone can create their own blockchain network. Larger blockchain networks such as ethereum had problems such as network congestion (too many people using it) and high usage rates (many people using it and thus driving up prices). Nowadays many blockchain networks focus on faster transaction speed and lower transaction rates. Some people wonder if two blockchains or multiple blockchain networks can be united or extended, and this gives rise to blockchain bridges. A blockchain bridge is software that is used to connect one blockchain to another blockchain. It is a service that connects two networks at the same time.
Polygon is Ether's blockchain bridge, a protocol and framework for building and connecting to Ether-compatible blockchain networks. polygon's primary purpose is to extend the Ether network's infrastructure development platform. Today, Polygon's scaling solution is widely adopted by more than 400 Dapps, over 350 million transactions and over 1.5 million users.
1inch Network
1inch Network is a DEX network designed to find the most profitable DEX exchanges for liquidity providers through a handful of decentralized exchanges and is the 6th most popular DApp on the ethereum network. users can use 1inch Network to query all DEX exchanges on networks such as the ethereum ecosystem, the coinan smartchain and Polygon data.
1inch Network is the idea of Russian developers Sergej Kunz and Anton Bukov. As avid DeFi enthusiasts, Kunz and Bukov started experimenting with arbitrage bots during the 2019 ETHNewYork hackathon, creating the first product of 1inch Network-related concepts.
The 1inch Network platform raised approximately $15 million in funding and is now managed by the 1inch Network Foundation, a non-profit organization. 1inch Network's protocol finds the best market price by splitting orders between multiple DEXs. The protocol uses bots and other algorithms to increase DeFi profitability for investors. one of 1inch Network's greatest strengths is that it provides liquidity across multiple markets on three blockchain networks.
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