EtherDelta has become the most successful decentralized application (dapp) in the history of Ethereum, and it is currently solely accountable for 14 percent of all transactions in the Ethereum network.
Over the past year, blockchain startups have raised more capital through initial coin offerings (ICOs) than venture capital investment, securing over $1.3 billion in 2017 alone. Some of the most successful ICOs have raised hundreds of millions of dollars, with Tezos securing over $232 million.
But, the vast majority of blockchain startups that have conducted successful ICOs and raised large amounts of capital are yet to demonstrate successful use cases of Ethereum at a large commercial scale. Some ICOs have not even released the alpha version of their software.
The inefficiency of ICO-conducting blockchain startups and the lack of preparation in terms of product delivery and software development have triggered criticisms from the cryptocurrency sector. In an interview with JoongAng, a major South Korean finance news publication, Ethereum co-founder Vitalik Buterin also criticized a flaw in ICOs:“In general, open-source protocols are very hard to monetize, and so the fact that in this particular area, we actually do have a way to monetize protocol development is something that we should be thankful for. However, they also have their flaws, and I think many of these flaws arise from the fact that even though the ICOs are happening on a decentralized platform, the ICOs themselves are hardly centralized; they inherently involve many people trusting a single development team with potentially over $200 million of funding.”
Recently, EtherDelta has proven to the global cryptocurrency sector that a multi-million dollar ICO is not necessary to succeed as a decentralized application. EtherDelta has developed a decentralized exchange that supports an active user base that utilize the platform on a daily basis to trade cryptocurrenc...