DAPP Report: Steem Really Is Not Doing So Bad: Steemit Inc Stepping UpsteemCreated with Sketch.

in busy •  13 days ago  (edited)

It is very easy to get tunnel vision when looking at a project like Steem.

Each day numbers are posted and they are going down. The number of sign ups is much lower than in the past. The retention rate looks poor. And to top it all off, for a social media/blogging platform, posting (activity) is down.

All this is enough to lead one to believe Steem is crashing.

The truth is what we are seeing is par for the course. In fact, a case could be made that Steem is holding its own.

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A recent report released by DAPP.com detailing the trends in DApps tells a similar story. In other words, Steem is not alone.

To start, transaction volume over DApps was $2.03B for the quarter, which is a drop of 40%. This included what it thinks is the major DApp platforms: Ethereum, EOS, Steem, TRON, TomoChain and IOST.

At the same time, the development of DApps slowed greatly. In quarter 2, there were 164.6 apps developed each month while Q3 saw a drop to 150 for total for the entire quarter.

Decentralized Finance is starting to penetrate the DApp world, replacing gambling as the Big Kahuna. One of the major problems with charting traffic is the revelation that most of it is from bots. Both Tron and EOS applications are revealed to have a lot of bot traffic on their gambling DApps.

DeFi could be a major shift for the blockchain world. The market is enormous compared to that of gambling. It rings in at $1.5T compared to $450B for the later.

The full write up and report can be viewed:

https://cryptobriefing.com/dapps-out-defi-in-dapp-q3-report/

https://www.dapp.com/article/dapp-com-q3-2019-dapp-market-report

It is easy to see that the entire market is suffering. The fact that Steem is listed as one of the major DApp platforms is encouraging. Following the overall trend is not although it does show that what is being experienced on here is not unique.

Another important point is to watch the shift to decentralized finance. I wrote about this on a few occasions and it is going to be, in my opinion, one of the major thrusts going forward. The financial world is primed for disruption since the present system is so wrought with corruption. Applications that either focus upon this or implement it into their projects are going to fare much better.

Yesterday, I got an email from Robinhood announcing that people could earn 2.05% APY on their cryptoholdings through that application. It is starting to appear throughout the crypto world.

In news related to this entire topic, Steemit Inc announced that it is going to start sending out a newsletter to all the accounts that it has emails for on file. This is in an effort to update people as to what is taking place on Steem in an effort to attract some of the more than 1M users who set up accounts yet are not active.

https://steempeak.com/newsletter/@steemitblog/announcing-the-steemit-newsletter

This is obviously a terrific move. I am not sure how many actually are on the mailing list but even a hundred thousand emails would be helpful. It is easy for the community to get "lost" especially with how things were in the past.

Steem has a new attitude which is positive. There is a lot more excitement being generated compared to a year ago. Of course, those who read my articles know I feel the true excitement will come next Spring when SMTs and the RC Pool goes live. Nevertheless, in the meantime, we have a lot to show people who were away for a while.

Overall, Steem is progressing very nicely in my opinion. We need to understand this entire industry is still a major work in progress. The comparison to the centralized applications that are around more than a decade is not a legitimate one. Presently, there are a lot of advantages they hold as compared to the decentralized counterparts.

That is continually changing. Innovation is on the side of the decentralized applications with the foundation being laid. The magnitude of the moves in this industry are much greater since it is so new. Hence, another 50,000 people is a major jump as compared to something like Reddit or Twitter.

We are dealing with technology and that takes time. It is easy to over estimate the impact of new tech in the short term. We all get impatient with something that we know is going to change things greatly.

Apple sold 1.35M IPhones globally in 2007. That sounds like a lot until one realized it sold 231M in 2015, just 8 years later.

https://www.statista.com/statistics/276306/global-apple-iphone-sales-since-fiscal-year-2007/

Continual progress is what is going to keep the ball moving. At some point, all that is being accomplished in the blockchain/cryptocurrency world is going to get the attention of the population. When it does, those platforms that remained consistent with the development will be in a strong position to benefit.

In my opinion, Steem is going to be one of them.


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  ·  13 days ago (edited)

I think that it's also got a fair amount to do with the downward swing in the market. It's sad that the price of coins reflects the overall activity of places like Steem but it's the trend that's been happening for a while, at least since I joined the platform.

Good times to get into investing in Steem though, I certainly have taken advantage of it! I'd love to get to dolphin by the end of the year through the right purchases.

The bear is strong and since many people were brought to the entire crypto world with the promise of big money overnight, left many with a bad taste in their mouths.

When the bear took hold, people left. Will they return when the situation is reversed? I have a feeling they are lost for a long time.

The next wave is going to have to be new people. Fortunately, crypto penetration is very small overall so plenty of people who still have not heard about it.

Nice!
Yea my faith in steem is big.
But still a long way to go..

What's also very interesting: Have you seen the new curation mechanism by @tipu?
I've written an post about it ;)

@tipu curate

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  ·  13 days ago (edited)

👌

Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!

Szabo pegged the DeFi universe at something like $12.5T. So 7x those numbers!

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I thought that number sounded low. I think Szabo is closer to the truth than the DApp one used.

DeFi is enormous and blockchains that tap into it are going to do very well.

It’s probably because OTC markets are so HUGE. Even in Bitcoin OTC, there’s a lot of counterparty risk that could be alleviated with more robust smart vontracts. Some intermediaries do 100s of millions worth in a day.

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  ·  13 days ago (edited)

Thanks for the write up and analysts:)

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I haven't been regular on Steem for the past two months; guess what? I got an email from Steemit saying they haven't seen me around. What a pleasant surprise! (:

Hi @taskmaster4450!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 6.138 which ranks you at #275 across all Steem accounts.
Your rank has not changed in the last three days.

In our last Algorithmic Curation Round, consisting of 92 contributions, your post is ranked at #2. Congratulations!

Evaluation of your UA score:
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