Crypto analysis firm DappReview published its quarterly report examining transaction volumes for decentralized applications (DApps) on April 8.

The report finds a significant increase in total DApp activity during the past three months when compared to Q1 2019, despite a drop in the number of new projects and users.

Quarterly DeFi volume nearly doubles year-over-year

While Quarterly Ethereum-based DApp activity has surged almost 650% year-over-year (YoY), both EOS and Tron-based DApps have seen a decline in volume compared with Q1 2019.

DappReview notes $7.9 billion in DApp volume transpiring across 13 blockchains in Q1 2020 — an 82% increase YoY. Ethereum, Tron, and EOS based protocols represent 99.1% of total volume.

The report lists games, exchanges, and casinos as the top three sectors for DApp activity. However, Casinos have seen a 64.6% reduction in volume since comprising the most dominant DApp industry during the first quarter of 2019.

Activity consolidates around leading DApps

Despite total volume growth, the number of new DApps to launch this quarter fell by 60% compared to the same quarter last year. The number of active addresses interacting with the protocols also fell by 22%.

The increase in volume despite the number of new users and projects launching indicates a consolidation of activity around leading decentralized finance (DeFi) projects.

However, the report notes that record volume amid the violent March 12–13 crash also contributed to the quarterly growth in volume for DApps.

DeFi drives Ethereum DApp growth

The increasing popularity of leading Ethereum-based DeFi protocols was the primary force driving Ethereum’s 650% DApp growth.

Of the $5.64 billion worth of transactions occurring on Ethereum in Q1 2020, DappReview estimates that 84% can be attributed to ERC-20 activity.

DeFi represented the largest share of Ethereum DApp volume, followed by "risk" protocols such as Ponzi schemes, and games.

EOS and Tron DApp activity drops

Despite the massive growth in DApp volume for Ethereum-based protocols, both EOS and Tron saw declines in quarterly activity amid a roughly 75% reduction in casino transactions.

EOS’ Q1 volume dropped 11.67% to $1.74 billion amid a decrease of nearly 90% in average daily address activity from 85,000 to 11,000. However, EOS saw a 225% growth in exchange transactions.

Total Tron DApp activity fell a whopping 74% from $1.57 in Q1 2019 to $411 million this past quarter. 92% of Tron-based DApp activity is casino volume.