The 7 Best Ethereum (ETH) DApps
Reading Time: 4 minutesIt’s the biggest DApp platform, but what are the best Ethereum DApps?
Decentralized applications (DApps) offer solutions in various fields, including finance, gaming, trading, and other areas. The Ethereum blockchain currently leads the pack as the best blockchain to build a DApp.
Here is a look at some of the best DApps built on Ethereum.
1. Uniswap
Uniswap is an open-source decentralized exchange (DEX) for trading and providing liquidity for ERC20 tokens on Ethereum. It serves as an automated market maker (AMM) for swapping ERC20 tokens. This is done via a collection of smart contracts that determine the creation of liquidity pools and asset swapping.
Uniswap is one of the world’s most popular and largest crypto exchanges. The platform boasts over $1.2 trillion in trade 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 the rapid development of DApps.
Uniswap’s governance token (UNI) provides holders with the ability to participate in determining upgrades, vote on new governance proposals, and define the future of the Uniswap protocol.
2. OpenSea
Non-fungible tokens (NFTs) have become almost a rite of passage for most crypto holders, with owning an NFT beginning by buying or minting one. This is where OpenSea comes in, one of the largest decentralized NFT marketplaces.
OpenSea boasts over 2 million NFT collections, 80 million NFTs, and 20 billion US dollars in trading volume. It is home to some of the most popular NFT collections, including Crypto Punks, Bored Ape Yacht Club, and more.
Users can easily buy, sell, and mint NFTs on OpenSea by connecting their web3 crypto wallet. The platform also supports multiple blockchains and the biggest digital collectibles. OpenSea has more than 1.5 million active users and supports up to 150 different cryptocurrencies.
3. MakerDAO
MakerDAO is a decentralized lending platform where users can lend and borrow different types of cryptocurrencies. The MakerDAO protocol uses smart contracts to manage borrowing and lending. Its two native currencies—DAI, a stablecoin pegged to the US Dollar, and Maker (MKR)—are used to regulate loan values.
The platform allows users to lock in cryptocurrencies as collateral and receive DAI tokens in return. It supports Ether (ETH), Basic Attention Token (BAT), Compound token, USD Coin (USDC), and many more cryptocurrencies. With the anonymous nature of blockchain technology, MakerDAO uses liquidation to ensure loan payment and recovery.
Whenever the collateral of a loan dips below a certain threshold, based on when the user borrowed DAI, the loan is immediately liquidated. The cryptocurrency staked as collateral is immediately sold off to repay the borrowed DAI, plus fees and associated penalties. DAI, ETH, and MKR work as a tripartite system of checks and balances to keep the system stable and prevent users from excessive borrowing.
Maker (MKR) is the governance token of the Maker Protocol, and it allows holders to propose or vote on new developments for the protocol. MakerDAO currently has over 2.3 million ETH locked in its protocol, which amounts to approximately 2% of the total ETH supply.
4. MetaMask
MetaMask is an extension that can be used to access DApps via a browser. MetaMask brands itself as ‘a crypto wallet and gateway to blockchain apps.’ It is one of the most widely used crypto wallets and 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 review the transaction before approving or rejecting it. Setting up a MetaMask wallet is as easy as adding it as a browser extension on compatible browsers, such as Chrome, Firefox, Brave, and Edge desktop browsers. It can also be downloaded as a free mobile app on iOS or Android.
MetaMask prioritizes security, and each wallet comes with a unique twelve-word recovery phrase that guides against hacking and can also be used to migrate the wallet. MetaMask advises users to write down their recovery phrase and keep it in a safe place, as access to the recovery phrase grants access to the wallet.
MetaMask is used primarily on the Ethereum blockchain but also supports other blockchains such as BNB Chain, Polygon, Avalanche, and many more.
5. Axie Infinity
Gaming DApps with NFTs and crypto collectibles embedded in them have exploded in popularity. Axie Infinity, an NFT-based game known for its in-play virtual economy, is one of the most popular gaming DApps. The major pull for Axie Infinity is its play-to-earn model that sees players collect and trade digital pets known as Axies.
Axie’s virtual economy is powered by its native tokens, Smooth Love Potion (SLP) and Axie Infinity Token (AXS). Both tokens can be earned by performing different activities within the game. Axie Infinity (AXS) is also tradeable on major exchanges, which makes it unique.
As of March 2022, Axie Infinity had recorded a total NFT transaction volume of over $4 billion, which showed the incredible demand the game had generated. Axie runs on Ethereum with the help of Ronin, a sidechain that minimizes fees and transaction delays.
6. Compound
Compound is an interest rate protocol where users can borrow, lend, and earn interest in fixed cryptocurrencies. The platform allows depositing in different cryptocurrencies, such as Ether (ETH), USD Coin (USDC), and DAI, to name a few. Users can access Compound’s features by connecting their wallets. Supported wallets include MetaMask, Ledger, and Wallet Connect.
Using an automated matching protocol, Compound matches lenders to borrowers. Funds are deposited into the liquidity pool, which collects the interest rate from the borrower and rewards the lender.
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 Compound’s future development. Compound’s protocol can also be integrated with other compatible DeFi platforms.
7. Wormhole
Wormhole gives crypto holders the best of blockchain worlds. It acts as a bridge between several blockchains for the efficient movement of digital assets seamlessly across blockchains. The Wormhole portal gives users on blockchains like Ethereum, BNB Chain, Solana, Polygon, Oasis, etc., a secure and transparent platform for bridging their crypto assets.
Wormhole solves the difficulty of moving tokens across blockchains and interoperability between chains. In addition, Wormhole supports a range of DApps built on it and cross-bridging for NFTs.
Ethereum Has Given DApps a Solid Platform for Growth
The Ethereum ecosystem is strong, and its possibilities seem limitless. This has already seen some great DApps built, and there will likely be many more to come. Overall, Ethereum has had great success in developing a solid platform for DApps to accomplish their goals.
Reference: https://www.makeuseof.com/best-dapps-ethereum-eth/
Ref: makeuseof
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