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Top 10 dApps to survive the cryptogeddon: The projects that generate the biggest revenues

Andrew Zhoao

News editor

Aug 15, 2022 at 11:02

Crypto enthusiast Scott Debevic made a list of the top 10 sexiest dApps (decentralized apps) of 2022. According to him, their main advantage is that they generate revenue even in a bear market. So, as long as it’s not entirely over, it is pretty relevant.

What are dApps?

At first, let’s answer the question of what dApps are and how it differs from typical apps.

A dApps are applications built on a decentralized network that combines a smart contract and a user interface (UI). From the point of view of what the end consumer receives, dApps shouldn’t differ much from regular applications, but there is a difference: all dApps data is not stored in a centralized way on a server.

The lack of centralization is a decisive advantage of decentralized applications because it allows them to be completely independent, autonomous, and not controlled by any company.

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Many people associate a dApp only with cryptocurrency. However, the term came much earlier. For example, this includes torrents, considered the first decentralized applications because there is no regulatory authority, and all participants have the same rights.

What makes dApps unique? 

Blockchain companies are not the pioneers of dApps, but blockchain has taken the first steps for its development and further development. These days, it’s pretty easy to create a decentralized app, and it won’t cost that much. 

Developers don’t have to re-create the structure; they adapt properties that are already out there. This makes the program easier, and the development time is reduced several times. That’s why most dApps customers start using cryptocurrency applications and tokens.

Below are some general requirements for applications before they can genuinely be considered decentralized: 

  • the app must be open source
  • app data must be stored in a decentralized blockchain.
  • the app must use an encrypted token, also called a skip (e.g., Bitcoin, Ethereum) or a token inherent in the application.
  •  the app must generate tokens using cryptographic algorithms such as proof-of-work.

dApps examples: 

  • Auctions, an online auction platform. It works with unique tokens (NFTs), allowing you to create auctions or make bids yourself.
  • Augur is a prediction market platform. Compared to centralized services, it allows any user to create their prediction market, not limited to the events offered by the platform.
  • Blockstack (Stacks) is a platform for developing decentralized applications.
  • Uniswap is a decentralized online digital currency exchange service. 

dApps also have the following disadvantages: 

  • Maintenance. DApps are challenging to maintain, debug, and update because all fixes require the consensus of all peer-to-peer nodes in the blockchain-based network.
  • Difficult to scale. Decentralized networks are more complex to scale than centralized networks.
  • Network congestion. If a dApp uses too many resources, it will back up the entire network.
  • User experience. Because dApps don’t work the same way as centralized applications, it can be more challenging for developers to create a user-friendly interface for end users. Users need a public and private key to log in, not a username and password. 

However, dApps have more pros than cons. According to the author, one of them is that it is possible to earn in such applications even during a bear market. Let’s talk about this next. 

The best revenue-generating dApps 

Ten decentralized apps made a list. Here are the best-decentralized apps with total revenue (TR) over the past six months: 

It is also worth mentioning that all of the above dApps except OpenSea and MetaMask have a token users can own. Together, these apps brought in about $3 billion in revenue. 

Eight of them are based on Ethereum. The rest, PancakeSwap and SpookySwap, are multi-chain and are not part of the Ethereum ecosystem. This shows that a project doesn’t have to be on Ethereum to generate revenue, but it certainly helps. 

Revenue generation on these platforms depends on fees. They all take payments from their customers. These fees increase quickly, rising and falling as the market expands and shrinks in value. For example, OpenSea and LooksRare earn a percentage of the sales price for non-interchangeable tokens. If NFTs sell at a higher price, they make more commission. While all their commission rates remain the same, the revenue (in dollars) is correlated with the valuation of the cryptocurrency.

According to the author, the list may be updated, so there is a high probability that new participants will appear on the list. He will look forward to this moment to make another comparative analysis and highlight dApps that will not let their users down in a difficult time and will allow them to earn even during the “cryptogeddon.” But now, he suggests using those dApps mentioned above, but do your research before you do it because it is not a recommendation for any of these cryptos.

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