Decentralized Applications (DApps) are digital programs or applications that operate on computer nodes. These nodes use a distributed network rather than a single server. In 2019, the estimated market size of DApps was over $10 billion. As per the current growth rate, the market will reach $368.25 billion by 2027. The growth projection of the DApps market is pacing at a CAGR of 56.1%. A single authority does not control DApps. Apart from that, DApps can provide services of regular traditional apps while enjoying the benefits of decentralization.
Major Advantages of DApps
DApps provide prime importance when it comes to the user’s privacy. In addition, the other benefits of DApps include development flexibility and lack of censorship. Unlike centralized apps, the users need not provide their personal information for using DApps. The transaction process between two parties takes place with the help of smart contracts. It is easy to develop DApps. This feature helps app developers to build innovative digital applications. The demand for such DApps has large use cases in major industries such as finance, banking, e-commerce, social media, and gaming. So, let’s explore the major DApps.
PancakeSwap
PancakeSwap is a decentralized exchange (DEX). This decentralized exchange, built on Binance Smart Chain, allows users to swap between two BEP20 tokens. PancakeSwap uses smart contracts to execute all trades. PancakeSwap gained popularity for the liquidity of the listed assets. The platform also provides features such as Yield Farms, Syrup Pools, Lottery v2, Prediction Markets, and NFT Collectibles. CAKE is PancakeSwap’s native utility token. CAKE’s use case includes staking, yield farming, lottery participation, and governance voting. To execute the token swap, the user must connect the PancakeSwap platform with Web3 wallets such as TrustWallet, MetaMask, or WalletConnect. The connected wallet stores the swapped tokens. PancakeSwap users can execute the trade without waiting for the order to match. Another major benefit of using PancakeSwap is its low transaction fees.
Compound
Compound is a DApp that allows users to borrow, lend and earn interest in certain cryptocurrencies. The Compound is built on the Ethereum network, and the users can deposit crypto funds to generate interest. The platform allows depositing 14 different cryptocurrencies, such as USD Coin, Ether, and Dai, to name a few top ones. To access the features Compound provides, the user needs to connect the platform with their wallet. For this, the user needs to connect wallets supported by the Compound platform, such as Metamask, Ledger, Wallet Connect, Coinbase Wallet, and Tally. The platform uses an automated system to match a lender and a borrower. After finding the matching users, the platform exchanges funds from the liquidity pool. Moreover, the liquidity pool acts as a medium to collect the interest rate from the borrower and reward the lender. COMP is the governance token and native crypto for the platform. The token allows users to cast votes that determine Compound’s future development. In addition, COMP holders have access to go through the inner workings, treasury, and platform protocol of the Compound ecosystem.
OpenSea
OpenSea is a decentralized NFT marketplace for trading, buying, and selling digital goods. OpenSea is one of the largest marketplaces for NFTs. The user can open a free account on the platform to trade various listed NFTs. Besides that, the marketplace is customizable to develop NFT-based projects. The creators are given the privilege to set their fees for their digital creations. The OpenSea user must connect their crypto wallet to trade the listed NFTs. The trend created around the NFTs after the pandemic outbreak attracted massive users to OpenSea. Likewise, the marketplace lists NFTs in various categories to make it easy for buyers to find their desired NFT collections. The major categories include art, collectibles, domain names, music, photography, sports, virtual world, utility, and trading cards. For instance, to sell an NFT, the user must create a collection, add the NFTs (video, audio, image, or art) and list them on the OpenSea marketplace for sale.
Splinterlands
Splinterlands is a play-to-earn digital card game. Moreover, the game uses NFTs to provide ownership to the players for their in-game assets and digital playing cards. Splinterlands is a Web3-powered gaming platform developed to solve the issues faced by traditional card trading games. Apart from that, the gaming platform consists of hundreds of digital cards to enhance the trading game that rewards its players. Splinterlands has a blockchain of its own that provides in-game stability. Apart from that, the gaming platform is adaptable to frequent upgrades. The cross-compatibility feature is another major advantage of Splinterlands. As a result, the players can connect and interact with other players of major blockchains such as Ethereum, WAX, and Tron. Splintershards (SPS) is the in-game governance token of the Splinterlands. Moreover, SPS also acts as the primary gaming currency to trade cards. In addition, SPS holders can participate in various governance-based decisions in the Splinterlands ecosystem. To add more players to the gaming ecosystem, Splinterlands rewards the players with daily rewards, seasonal rewards, loot chests, ranked battle rewards, and leaderboard rewards.
Uniswap V2
Uniswap V2 is the second iteration of the decentralized protocol Uniswap. With the introduction of Uniswap V2, the users no longer needed to add ETH as one of the crypto assets. Uniswap V2 allows the users to directly swap between two ERC-20 tokens to reduce the total number of transactions. Moreover, reducing the number of transactions helps the users reduce the gas fees charged. The major benefit that helped Uniswap V2 to acquire a more user base is the simplicity in the execution of trades. Apart from that, the omission of the order book and other complex traditional trading templates helped to attract more users to the platform. Another important feature of the Uniswap V2 is the ‘Flash Swap.’ This feature allows the user to withdraw any number of ERC20 tokens from Uniswap without paying an upfront cost. After the complete execution of the transaction, the user can pay accordingly. Apart from the features mentioned above, Uniswap V2 provides On-chain price feeds that are difficult to manipulate and highly decentralized. Uniswap V2 uses Solidarity language for writing the smart contract. This feature boosts the technical improvement of the platform.
Arc8
Arc8 is a play-to-earn platform for mobile gaming. Also, the game rewards players for their loyalty, effort, and gaming skills. The main objective of the Arc8 gaming platform is to promote the value of blockchain and gaming tokens to mainstream gamers. Therefore, the gaming categories include impressive 1v1 matches, multiplayer tournaments, and sponsored tournaments. The GAMEE Token (GMEE) is the ERC-20 utility token of the gaming platform. The GMEE tokens are used as entry fees, gameplay payments, in-game rewards, and voting. In addition, the GMEE tokens can be used to rent, purchase, breed, and upgrade various in-game NFTs. Arc8 gaming platform also rewards the players for inviting their friends. The platform rewards both friends involved in the referral process with GMEE bonuses at certain gaming levels. Moreover, the gaming platform has over 50 games, including live multiplayer games.
Socios.com
Socios.com is a DApp that empowers the fans supporting various clubs with tokens and rewards. Socios.com provides fan tokens in the form of finite digital assets built using the Chiliz Chain. Apart from that, the governance power provided to the token holders allows the fans to participate in important fan-related decisions. The endorsement of Socios.com by celebrity footballers played a crucial role in adding more fans to the community built around the fan token. Apart from the governance benefits, fans can also benefit from exclusive promotions, perks, online rewards, and VIP experiences. Besides that, the communities built around Socios.com integrates the fans regardless of geography. The major clubs partnered with Socios.com include PSG, Barcelona, Juventus, Man City, Arsenal, and Atletico Madrid. Moreover, the platform actively adds more major clubs and fans. All the perks related to the Fan tokens are provided through the mobile application available on Android and iOS devices. Similarly, all the trading activities associated with the fans token occur in the Socios.com marketplace.
Step App
Step App is a DApp that combines fitness and finance. The application uses geolocation technology, metaverse, and NFTs for a better user experience. The Step App rewards its users for participating in physical activities such as running, jogging, and walking. Apart from that, the app focuses on providing a social, competitive, and immersive experience with the help of user activities. The trend around movement-based apps added more members to the Step App community. In addition, the reward system inspires the app users to participate in various physical activities. The Augmented Reality feature provided in the app evolves and grows upon fulfilling fitness goals. Apart from that, the Step App enables users to combine their social experiences with their fitness on a global level. FITFI is the governance token provided by Step App. The app users can buy SNEAKs to participate in various physical activities with the help of the in-game tokens KCAL. Besides that, the purchased SNEAKs reward the running user with KCAL tokens. In addition to that, the user can mint SNEAKs with KCAL tokens.
Alien Worlds
Alien Worlds consists of an NFT Metaverse that uses digital gaming assets to engage and compete in various gaming modes. Alien Worlds provides an opportunity for players to stimulate economic collaboration and competition. Trilium (TLM) is the native token used on the Alien Worlds for planet governance, staking, gameplay incentives, and as in-game currency. In addition to that, TLM is also used to purchase NFTs. Alien Worlds runs on Ethereum, WAX, and Binance Smart Chain (BSC). The active platform users are rewarded with TLM tokens for developing an in-game ecosystem. The NFTs available on the marketplace are divided based on rarity and shininess. For example, the six rarity levels for the digital item include Common, Abundant, Epic, Rare, Mythical, and Legendary. Similarly, the five shininess levels consist of Stardust, Stone, Gold, XDimension, and Antimatter.
NBA Top Shot
NBA Top Shot is a marketplace that lists digital basketball collectibles as NFTs. Likewise, the fans can also trade, buy and sell the collectibles from the NFT marketplace. The blockchain-based NBA trading cards were developed as a partnership among the NBA Players Association, Dapper Labs, and NBA. The NFT platform is built using the FLOW blockchain developed by Dapper Labs. In addition, this project’s famous investors include Michael Jordan, Klay Thompson, and Kevin Durrant. The NFT marketplace also lists NBA Top Shot Moments, which consists of video highlight clips in the form of NFTs. The video highlight also consists of famous moments from various NBA games. The value of such NFT videos depends on their rarity. To buy the NFT collections listed on the NBA Top Shot, the user must register on their official website. After the registration process, the user also needs to get verified to take part in buying and selling of NFTs. The registered users can purchase the NFTs listed on the marketplace with a debit or credit card. Apart from that, the users also can connect their wallets to the platform and purchase the NFTs.
Final Words
The development of DApps helps users enjoy the benefits of decentralized systems. Furthermore, DApps solve various problems faced by the traditional centralized system. The major benefits of DApp users include privacy, safety, low transaction fees, and flexibility. Despite the advantages mentioned, the user must ensure the credibility of DApp before engaging in any financial transaction. You may also check the best Play-to-Earn crypto games out there.
