Over the past few months, the volume of ETC deposited has been on the rise indicating that many enthusiasts have started using dApps on Ethereum Classic (ETC). According to the blockchain statistics website, Dapp Direct ETC locked within the platform has doubled in the past two months.
According to the Data collected by Dapp Direct, the amount of ETC locked has risen from approximately 2,000 ETC in mid-July, to 5,500 plus ETC by September. At the time of writing, 5750 ETC had been deposited in the network, which is nearly worth $67,000 according to the current market price.
Alexander Tsankov, Dapp Direct’s operator, told Crypto Briefing, that the rise in ETC locked in dApps was a promising sign as this suggest that people were using the network on a daily basis. He explained:
“The Ethereum Classic community believes that ETC is money in the same way that Bitcoin is. A bigger balance is indicative of health.”
Ethereum Classic dApp development
Currently, Ethereum Classic network has seven dApps active, including DEX, a messaging service, a pirate-themed game which uses smart contracts, a predictions market, and savings fund.
In the summer of 2016, Ethereum Classic hard-forked from Ethereum due to a dispute within the community over honoring the 6.2m ETH hack. The ETC Community objected reversing the hack and argued that this action will compromise the immutability of the blockchain.
This summer in mid-June, when the crypto exchange, Coinbase announced its intention to list ETC, the fork’s price spiked. The subsequent listing helped ETC to gain much-required exposer. Eventually, the network noticed an increase in returning active users as well as newcomers.
Read more: Best Ethereum Classic Wallets | Where To Store ETC Coins
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