Ethereum is a cryptocurrency which is built on the blockchain network. It is also a software platform used to create new applications.

Dapps also known as decentralized applications are powered and developed using the Ethereum platform. Ethereum dApps use smart contracts for their logic. They are deployed on the Ethereum network and use the platform’s blockchain for data storage.

Some of the noteworthy DApps on Ethereum are OpenSea, MakerDAO, Brave Frontier Heroes, UniSwap, SushiSwap, UniSwap V3, Foundation, Axie Infinity, HEX, 1inch Network on Ethereum, WBTC, Aave V2, Curve, Synthetix, Compound, Yearn.Finance (YFI), Livepeer, Liquity, Flexa, The Sandbox and more.  Each Dapps belong to a particular category.

Dapps are used in different online industries like advertising, gaming, social media, banking, real estate, Internet of Things, elections and voting, 

Each of these Dapps bring in a rich user base to the Ethereum Blockchain.  To understand the market trends you should track the business of the top Ethereum DApps.  Dapps provide for endless use cases. Dapps purely operate by the logic defined in the smart contract. No individual ever controls the Dapps. Dapps communicating with smart contracts make the transfer of cryptocurrencies effortless.

The Dapps are fuelled with Tokens. Dapps are different from regulation apps in that they eliminate the middlemen.  The Dapps are run by the protocol and no one controls the Dapp.  The data on the Dapps is public and the smart contracts with which the Dapps function are open sourced.

P2P lending (DeFi) is the top use case for Dapps. To gain access to a Dapp and use the Dapp category of service, users should connect their wallet

To gain access to the Dapp you need to have a wallet and access to the 12-word recovery phrase.  You need to have some tokens which the Dapp accepts in exchange for the service it offers. You should also be paying a gas fee on Ethereum.  So, whichever blockchain Dapps you use, you need to have their native tokens to transact with the Dapp.

Dapps are mainly accessed by users through their mobile and smart phones.  There are also Dapps that allow you to earn crypto in one form or the other.

“There’s a DApp for that. Providing for a host of benefits, DApps currently exist for online games, financial services, gambling, trading, collectibles, and more.”

If there’s a sudden decline in users, volume, or market cap, it is important to be cautious of the DApp. They may be an issue with it that is driving users away from it.

Ethereum has evolved to be one of the largest digital assets and has risen in popularity. This popularity resulted in the support of Ethereum in crypto exchanges and digital assets. This helps in the growth of Ethereum as these platforms make accessing the cryptocurrency easier.

Principles of Decentralization: The products and services of Dapps on Ethereum are available to all the users because it is built on the principles of decentralization.

Open source: Ethereum is an open-source that allows users to build tokens. Ethereum and all its applications are open-source and transparent to the public. This open-source platform enables users to build decentralized applications that can be distributed evenly.

Ethereum serves two purposes: “One, it acts as money and can be a store of value,” says Bill Noble, chief technical analyst at Token Metrics, a cryptocurrency analytics platform. “But Ethereum is also like a highway for decentralized finance.”

Long-term investment: The price of Ethereum has ups and downs in a short-term investment, but the value has scope for improvement due to the widespread use case it provides through Dapps and the mass adoption and the overall value it generates.  Worth holding for long term to extract profit during favorable market cycles.

Smart Contracts: The distributed blockchain network of Ethereum helps to securely build and deploy smart contracts and distributed applications made available to everyone.

Speed: Ethereum’s blockchain technology executes faster and processes the transactions with a comparatively higher speed with less time than the Bitcoin transactions. Ethereum2.0 has been developed to increase the scalability of the Ethereum network in handling transactions using sharding and increasing the transaction speed.

Backed by many major companies: Many major companies invest in Ethereum for its speed, efficiency, and its ability to execute smart contracts.

Ethereum in healthcare: Ethereum’s blockchain processes the patient’s information more efficiently and allows to sharing of the patient’s documents safely.

Future of Ethereum:  Ethereum has significant growth as its smart contract platform can also eliminate the need for paperwork in all industries. It reduces the costs without the need for intermediaries thereby reducing the transaction time.  With the arrival of Ethereum 2.0, it is focusing mainly on transitions which are more prominent for its future. The adoption of Ethereum by most of the developers due to its blockchain network for building applications is another key factor for the future of Ethereum.