A lot of people have started to use Ethereum Classic (ETC) dapps lately, it seems, as the volume of ETC deposited is on the rise.
Data collected by Dapp Direct shows that the amount of ETC locked to be used as the gas for the dapps of the platform has doubled in two months from 2,000 ETC in mid-July to over 5,500 ETC in September.
At the moment, there are already 5,750 ETC locked – summing up the price of $67,000 USD. The platform, just the main Ethereum (ETH) was built to host decentralized apps and there are seven dapps active on the network at the moment including DEX, a messaging service and savings fund. Some other dapps include a predictions market and a pirate-themed game.
The director of Dapp Direct, Alexander Tsankov, believes that the amount of ETC locked is a very positive sign for the network, as it means that more people are starting to use this asset as money and that this indicates health in the ecosystem.
A Surge In Ethereum Classic Dapp Development
Ethereum Classic was originally created via a hard fork from the main Ethereum network which was made in 2016. The token was created after a issue divided the community: whether or not to honor a 6.2 million ETH hack. Reversing the transactions, according to the ETC community, would compromise the immutability of the blockchain, which could be dangerous for the ecosystem.
The ETC community was very much benefited from the listing in Coinbase during June, which helped the token to rise in price and get exposure that has helped it in its bull run.
Anthony Lusardi, the director of ETC at the Ethereum Classic Cooperative, has affirmed that the increase of projects in the network is tightly linked to the general increase in interest in ETC and that some of the biggest dapps that the community will see are still in development. He has argued that the Coinbase listing has given a lot of exposition to the company but that it is not all.
He cites the work of the devs as some of the most important aspects of the increase of movement in the project. The developers have been attracted by the fact that the ETC chain is “really immutable” and thus is a “perfect record”. Even with the recent bear market, Anthony Lusardi believes, the community is still pumped.
While the platform still does not have a lot of dapps, most of the most popular ones are gambling ones. However, Anthony Lusardi believes that there is certainly space for more mainstream apps in the network and that two big unnamed projects have joined the network recently.
A Case For Success:
It can be said that Ethereum Classic is a case for success. Many other cryptocurrencies and projects have not been so lucky. Augur, for instance, was very hyped ever since it was developed and it basically flopped as it has seen a slow decline in users recently. This means that the platform is facing issues to expand its user base and even to maintain it.
With ETC, things are different. There is a sense in the community that things will be worked out and that they will improve with time, despite the fact that there is still a lot of work to be done.