Before ranking the dApps based on their revenue, let’s briefly understand what DApps are. DApps or Decentralized Applications are digital applications hosted on the decentralized blockchain network. They are not controlled by any single organization or entity, ensuring more data security. As per statistics provided by the CryptoRank Platform, the top 10 DApps that have witnessed revenue growth over the last month are:
Euler Finance has witnessed revenue growth of 520% over the last month. Its current worth is $6.75. It is a lending system that runs on a peer-to-peer model without the involvement of any third party. Traders need not go through the hassle of permissions from several authorities to be able to trade on this capital-efficient platform. The platform also supports multi-collateral liquidity pools and several other unique features that have not been witnessed by the DeFi (Decentralized Finance) space before.
Volmex Finance has witnessed revenue growth of 225% over the last month. The platform emphasizes implied volatility derivatives. As of now, the platform is not a DAO (Decentralized Autonomous Organization). It supports an open and non-custodial decentralized financial environment: its mobile application and website host several computations related to volatility indices and smart contracts. The platform utilizes direct and inverse volatility tokens to get exposure to the market’s volatility. Implied volatility indices for Ethereum and Bitcoin are calculated using conventional mechanisms.
Reflexer Finance has witnessed revenue growth of 117% over the last month. It is a deflationary coin that has proved to be beneficial for several stakeholders over the years. The platform’s native token is the Reflex token. It utilizes the BUSD stablecoin to protect its holders’ passive income from price swings. The platform’s primary goal is to generate multiple sources of revenue for its users and offer new opportunities to the community. The platform is progressing well on its mission to develop a robust and ever-growing community.
Karura Network has witnessed revenue growth of 92% over the last month. It is a blockchain-based decentralized network powered by KAR. KAR is a utility token whose value is backed by a designated volume of ACA (Acala) tokens. It has a limited supply of 100,000,000. It was developed to operate on Kusama as a parachain. Parachains are custom or project-specific blockchains that feed into the main blockchain. Kusama network is used as a testnet for Polkadot (DOT). Kusama has its cryptocurrency, known as KSM.
Ren Protocol has witnessed revenue growth of 63% over the last month. It is an open protocol developed to provide liquidity and interoperability across various blockchain platforms. It was initially known as Republic Protocol. The platform launched its virtual machine mainnet, RenVM, in May 2020. It is a community-driven network that allows the movement of value among blockchains.
Functioning on the Ethereum blockchain, Loopring is an open and audited protocol utilized to build scalable non-custodial exchanges. Loopring has witnessed revenue growth of 62% over the last month. It facilitates high-performance trading and users; users have complete control over their assets throughout the trade lifecycle. It is a multilateral token exchange platform with a high level of security.
OpenSea is the world’s largest NFT marketplace, created by Alex Atallah and Devin Finzzer in 2017. For the convenience of our readers, the NFT marketplace can be considered digital Amazon, where assets are traded. Still, every asset has an NFT or Non-Fungible token that safeguards it from copyright issues in the digital space. Open Sea has witnessed revenue growth of 61% over the last month. You just need to make a one-time payment for trading on Open Sea, and you must have a wallet and ETH with you.
A leading decentralized protocol for trading on Solana. Solend Protocol has witnessed revenue growth of 53% over the last month. With minimal transaction fees and high speed, the protocol also offers the flexibility to trade through liquidity pools. You will love your trading experience on Solend Protocol with an easy-to-understand user interface.
Balancer Labs is one of the market's most famous Decentralized Finance (DeFi) projects and a permissionless platform. It is developed on the Ethereum blockchain and witnessed revenue growth of around 48% over the last month. It is based on the AMM (Automatic Market-Making Model) as opposed to traditional market maker models followed by other financial institutions.
A platform that offers liquid staking for ETH and a few other tokens, Lido Finance saw revenue growth of 45% over the last month. It facilitates unlocking staked ETH and investing them in several DeFi applications to earn profits. It functions on the Proof-of-Stake blockchain network. It is one of the largest liquid staking platforms hosted on Ethereum.
Here is a cool infographic to summarize the top 10 dApps by revenue in August 2022
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