11 Examples of Decentralized Applications (DApps)
Decentralized applications are one of the blockchain industry’s fastest-growing sectors. DApps are software applications built on a blockchain ecosystem.
Instead of being managed by a centralized server, they are dispersed throughout the network. In the past few years, DApps have been introduced in various fields, including finance, online games, trading exchanges, etc.
Here are today’s eleven most popular and rapidly evolving Dapps.
Launched in 2018, Uniswap is an Ethereum-based DApp based in the United States. The platform facilitates the exchange and trading of ERC-20 tokens. It is the most popular decentralized and the fourth largest cryptocurrency exchange on the web.
Uniswap does not rely on buyers and sellers to create liquidity. Anyone may gain access to the platform by connecting a cryptocurrency wallet. MetaMask is the most popular wallet among Uniswap users. The exchange charges a flat 0.3% fee per trade in addition to the variable Ethereum gas fee.
Uniswap introduced the UNI governance token in September 2020. It increased the profit potential and gave users a voice in future decisions. As of May 2022, it is trading at $5.5 and has a market capitalization of $3.9 billion.
Pancake Swap is one of the numerous decentralized exchanges that use the source code of Uniswap. In contrast to the latter, based on the Ethereum blockchain, Pancake Swap is a component of the Binance Smart Chain ecosystem. Thus, it permits the exchange of BEP 20 tokens instead of ERC-20 tokens.
Binance Smart Chain is specifically designed to reduce transaction fees and delays for small DApps. As a result, Pancake Swap’s user experience is significantly improved, and you are not required to pay fees other than the exchange’s 0.2% maker & taker fee.
In addition, you can connect a variety of crypto wallets, such as MathWallet, TokenPocket, MetaMask, Binance Chain Wallet, etc., to the exchange. CAKE is the governance token of the platform. It is valued at approximately $4.8 and has a market capitalization of $900 million as of 2022.
Pancake Swap is one of the numerous decentralized exchanges utilizing Uniswap’s source code. Unlike the latter, built on the Ethereum blockchain, Pancake Swap is part of the Binance Smart Chain ecosystem. Therefore, BEP 20 tokens can be exchanged instead of ERC-20 tickets.
The Binance Smart Chain was designed specifically for small DApps to reduce transaction fees and delays. As a result, the user experience of Pancake Swap is significantly improved, and you are not required to pay any costs other than the exchange’s maker & taker fee, which is only 0.2%.
Moreover, various crypto wallets, such as MathWallet, TokenPocket, MetaMask, Binance Chain Wallet, etc., can be connected to the exchange. CAKE is the platform’s governance token. It has a market cap of $900 million and a price of approximately $4.8 as of 2022.
Aave is one of the most widely used DApps in the DeFi universe. It is an open-source protocol for liquidity. Users can lend, borrow, wager, and earn interest on deposits. Because the platform is decentralized, lenders and borrowers can maintain anonymity.
The most important application of Aave is for instant loans. These loans are executed in a few seconds and are required to optimize the DeFi space’s overall financial structure. AAVE assesses a fee of 0.09% on flash loans.
As a decentralized platform, users can participate in policy formulation and vote on significant decisions using the native token AAVE. Its current price is $101, and its market capitalization is $1.3 billion.
Upland is an EOS-based game that combines the metaverse and the real world to create a unique gaming experience. The game was released in May 2019, and its popularity has steadily increased.
The primary gameplay element is a simulation of real estate trading. All the properties are based on real-world locations, but they are supported by blockchain technology in the game. Similar to most blockchain-based games, Upland features a play-to-earn model that enables players to sell in-game assets for real money.
The game is compatible with iOS and Android operating systems. A further benefit of the decentralized app development is that you do not need to connect a cryptocurrency wallet to begin playing. In addition, real estate on Upland is significantly cheaper than on other popular metaverse platforms, such as The Sandbox and Decentraland.
Steemit is a blockchain-based social media and blogging platform. The website permits users to create and publish content. Then, other users respond and comment on it. The size of a user’s reward for each post is determined by the number of interactions it generates. The interface is quite simple and resembles Reddit in many ways.
OpenSea is the pioneer in the market for NFT trading. It was the first NFT marketplace to attract widespread attention when it was released in December 2017. The platform was initially developed on the Ethereum network to reduce transaction fees and later integrated into the Polygon blockchain.
OpenSea currently hosts over 10,000 different NFT projects. It includes Bored Ape Yacht Club, Crypto Punks, The Meebits, and many others. The website contains over 200 categories of non-fungible tokens, including in-game items, skins, collectibles, real estate, metaverse objects, etc. OpenSea supports up to 150 cryptocurrencies and has over 1.5 million active users.
Audius is one of the few DApps that explore the entertainment industry’s potential using blockchain technology. It is a music streaming platform with a similar business model to traditional music applications like Spotify and Deezer.
Nevertheless, it enables creators to mint NFTs of their music and make them immutable on the blockchain. When users stream their songs, artists are compensated in the platform’s native token, AUDIO. Similarly, users can pay without the involvement of a third-party payment service using AUDIO tokens. The current AUDIO token price is $0.4, and its market capitalization is $334 million.
Even though most creators are new and upcoming artists, you can still find well-known names such as Skrillex and deadmau5. Although it may not sound impressive, we strongly advise our readers to at least check out this music-streaming DApp. There is something quite refreshing about discovering new artists on an innovative platform.
We are all aware of the numerous con artists operating under the guise of non-profit and charitable organizations. This is a result of the system’s lack of honesty and transparency. In addition, it isn’t easy to monitor all the charities and donations to ensure the funds are going to the intended causes.
To address this issue, AID: Tech developed TRACEDonate, a decentralized application that provides complete transparency and traceability for charitable transactions. At its core, it is a tool for identity management that connects donors and recipients.
MakerDAO is a credit service DApp built on Ethereum. The platform enables users to pledge ETH tokens as collateral in exchange for DAI tokens. The value of DAI is pegged to the US dollar.
Stablecoin is essential to the DeFi ecosystem because it enables traders to exchange assets with minimal transaction fees and speed. Otherwise, they must rely on centralized institutions like banks and pay hefty transaction fees.
Rarible, founded by Alex Salnikov in 2020, is an Ethereum blockchain-based NFT marketplace. Users can trade, mint, and list NFTs on the platform. Despite being Ethereum-based, this marketplace supports the trading of NFTs on multiple chains.
The platform encompasses numerous NFT genres, including lesser-known ones such as photography, music, and 3D illustrations.
RARI, the platform’s native token, enables users to participate in governance and vote on future decisions. As of May 2022, the price of RARI is approximately $3.25, and the total supply is capped at 25 million tokens.
The industry of decentralized applications is in its infancy, having existed for less than a decade. Nonetheless, we can envision its expansion into various entertainment and business sectors.
Using blockchain innovation, developers and programmers are committed to bringing about positive change in the current technological landscape. It is exciting to observe the emergence of new projects daily, each of which aims to provide improved solutions to a different problem.