11 Examples of Decentralized Applications (DApps)
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Decentralized applications are one of the fastest-growing sectors in the blockchain space. DApps are software programs that are developed on a blockchain ecosystem.
Instead of being controlled by one central server, they are distributed all over the network. Over the past few years, we have seen DApps being introduced in a wide range of fields, including finance, online games, trading exchanges, and whatnot.
Here are 11 of the most popular and quickly evolving Dapps today.
Launched in 2018, Uniswap is a US-based DApp on the Ethereum blockchain. The platform primarily allows users to swap and trade ERC-20 tokens. It is the most popular decentralized exchange and, overall, the fourth largest crypto exchange on the internet. The platform hosts more than 150k monthly users, with a $2.5 billion daily trading volume on average.
Perhaps the most special feature of Uniswap is that it does not rely on buyers and sellers to create liquidity. Anyone can access the platform by simply connecting a crypto wallet. For this purpose, the most common choice among Uniswap users is the MetaMask wallet. The exchange charges a flat 0.3% fee per trade, plus the Ethereum gas fee, which varies from time to time.
Uniswap launched its governance token UNI back in September 2020. It added profitability potential and allowed users to have a say in future decisions. As of May 2022, it is being traded at $5.5 with a market cap of $3.9 billion.
Pancake Swap is one of the many decentralized exchanges that use Uniswap’s source code. However, unlike the latter, which is built on the Ethereum blockchain, Pancake Swap is a part of the Binance Smart Chain ecosystem. Hence, it allows swapping BEP 20 tokens instead of ERC-20.
Binance Smart Chain is specifically designed for small DApps to reduce delays and high transaction fees. As a result, Pancake Swap’s user experience is much smoother, and you don’t have to pay any fee except the exchange’s maker & taker fee, which is only 0.2%.
Moreover, you can connect a wide variety of crypto wallets to the exchange, such as MathWallet, TokenPocket, MetaMask, Binance Chain Wallet, etc. The governance token of the platform is CAKE. As of 2022, it is priced at around $4.8 and has a market cap of $900 million.
1 Inch started as an Ethereum-based decentralized exchange, but over the past two years, it has evolved considerably. After its remarkable development and expansion, the platform now acts as a multi-network trading DEX. It allows users to leverage the liquidity of hundreds of other decentralized exchanges that are based on different blockchains.
1 Inch is preferred by traders swapping huge amounts of cryptocurrency to ensure the security of the transactions and get the best prices for their trades. Moreover, it also provides some advanced trading tools such as limit order. The flexibility and variety of options earned 1 Inch the reputation of being the top DApps in the industry.
The native token, 1INCH, offers even more perks for holders. For example, it significantly reduces the Ethereum gas fee and makes the trading experience even more efficient.
Aave is one of the most popular DApps in the DeFi world. It is an open-sourced liquidity protocol, providing users with complete transparency. It allows users to lend, borrow, stake, and earn interest on deposits. Thanks to the decentralized nature of the platform, both lenders and borrowers can enjoy complete anonymity.
Probably the most important use of Aave is to carry out flash loans. These loans are conducted within a few seconds and are necessary for the DeFi space to optimize the overall financial structure. AAVE charges a 0.09% fee on flash loans.
Being a decentralized platform, users can participate in policy-making and vote on important decisions using the native token AAVE. It currently sits at $101 and enjoys a $1.3 billion market cap.
Upland is an EOS-based game that combines the metaverse with the real world, providing an unparalleled gameplay experience. The game was launched in May 2019 and had been continuously increasing in popularity ever since.
The main gameplay revolves around the real estate trading simulation. All the properties are based on real-world locations, but in the game, these assets are backed by blockchain technology. Like most blockchain-based games, Upland has a play-to-earn model which allows players to sell their in-game assets for real money.
The game is available for iOS and Android devices. Another great thing about this DApp is that you are not required to connect any crypto wallet to start playing. Moreover, real estates on Upland are much more affordable than other popular metaverse platforms, like The Sandbox and Decentraland.
Steemit is a blockchain-based blogging and social media platform. The site allows you to create and post content. Other users then react and comment on it. Users get rewarded for each post, and the reward size is determined by the interactions it initiates. The interface is quite simple and, in many ways, similar to Reddit.
OpenSea is the pioneer in the NFT trading marketplace. Launched in December 2017, it was the first NFT marketplace to gain mainstream attention. The platform was first developed on the Ethereum network but later integrated on the Polygon blockchain, as well, to minimize the transaction fees.
Currently, OpenSea hosts more than 10,000 different NFT projects. It features some of the biggest brands in the NFT industry, like Bored Ape Yacht Club, Crypto Punks, The Meebits, and more. The site has more than 200 NFT categories, including in-game possessions, skins, collectibles, real estate, metaverse objects, etc. OpenSea has more than 1.5 million active users, and it supports up to 150 different cryptocurrencies.
Audius is one of the unique DApps, exploring possibilities in the entertainment sector using blockchain technology. It is a music streaming platform with a working model almost similar to traditional music applications, such as Spotify or Deezer.
However, it allows creators to mint NFTs of their music and make them immutable tokens on the blockchain. Artists are paid in the native token of the platform, i.e., AUDIO when users stream their tracks. Similarly, users can pay in the form of AUDIO tokens without the involvement of any third-party payment service. The AUDIO token is currently trading at $0.4 with a market cap of $334 million.
Although most creators are new and emerging artists, you can still find some big names here, like Skrillex and deadmau5. It may not sound impressive, but we highly recommend our readers to check this music streaming DApp at least once. There is something quite refreshing about discovering new artists on a new platform with an innovative mechanism.
We are all aware of several scamming businesses hiding behind the veil of non-profitable and charity organizations. This is a result of a lack of honesty and transparency in the system. Moreover, it is quite hard to keep track of all the charities and donations to ensure they are being spent on the intended causes.
To solve this problem, AID: Tech developed TRACEDonate - a DApp that provides complete transparency and traceability for transactions made for charity. At its core, it is an identity management tool that connects donors to beneficiaries.
MakerDAO is an Ethereum-based credit service DApp. The platform allows users to lock their ETH tokens as collateral and receive DAI tokens in return. DAI is a stablecoin whose value is pegged to the US Dollar.
Stablecoin is an essential component of the DeFi space, as it allows traders to quickly swap assets with minimal transaction fees. Otherwise, they have to rely on centralized organizations, i.e., banks, and pay hefty fees for each transaction.
Founded by Alex Salnikov in 2020, Rarible is an NFT marketplace developed on the Ethereum blockchain. The platform allows users to trade, mint, and list NFTs. Despite being Ethereum-based, you can trade NFTs on multiple chains using this marketplace.
The platform covers various NFT genres, including some less popular ones, like photography, music, 3D illustrations, etc.
The native token of the platform, RARI, allows users to participate in governing the platform and vote on future decisions. The price of RARI is around $3.25 as of May 2022, and the total supply is capped at 25 million tokens.
The decentralized applications industry is still in its infancy, being around for less than a decade. Still, we can see it expanding into several entertainment and business sectors.
Developers and programmers are dedicated to bringing positive change into the current tech world using blockchain innovation.
It is exciting to see new projects emerging every day, each aiming to provide better solutions for a different problem.
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