New Highs for DeFi Results in it Accounting for 95% of the Total Value Created on Ethereum
DeFi continues to push higher.
Even though Bitcoin is surging today, reaching $11,600, the likes of Akropolis is up 30% against BTC and Bancor 13%.
In yet another record, the total amount locked in DeFi has reached $4.45 billion. While the market cap of the sector has reached $9 billion, as per CoinGecko, according to DefiMarketCap, it saw a stratospheric surge that is glitching the results.
This has been because of the top two ranks belong on Uniswap that are seeing a rise of 19 digits and ten digits percentage of gains while one having supply even less than 20.
Uniswap’s DEX is actually leading the volumes recorded by decentralized exchanges, which are approaching $4.3 billion, four times the volume seen in June. Back in March, it was $1 billion, as per Dune Analytics.
All of this DeFi craze is what is fueling Ethereum, pushing its transaction volume to an all-time high of $12 billion. Of course, DeFi was the biggest driver, but it also accounted for a whopping 95% of the total value created on the chain.
The biggest DeFi contributors to Ethereum’s volume in July 2020 were Compound, Aave, and Curve, as per the latest report by Dapp Radar.
Thanks to DeFi extravaganza and all the excitement around ETH 2.0 launch, Ether price surpassed $400, last seen in 2018.
All the activity in DeFi thanks to governance token releases and the hype around yield farming not only resulted in a tremendous increase in Ethereum’s blockchain value but also drove its gas prices extremely high. In contrast, the number of daily wallets decreased by 6% from the previous month.
Much like Ethereum, July was Tron’s best month in 2020, but it is nowhere near the second-largest network. With a 62% increase, Tron’s transaction volume surpassed $173 million, while daily activity was up 86% with gambling and high-risk dapps being the biggest contributors.
EOS, however, failed to do much as after a tremendous decrease at the end of 2019, it only managed to keep stable. However, a spike in DEX and DeFi category suggests EOS is also attempting to join the hot DeFi space.