DeFi By The Numbers: Is 2020 The Year Of DeFi?
Quick Read
- Value locked in the DeFi ecosystem crosses $2.5 billion.
- Ethereum DeFi applications reached an incredible $5.7 billion in transaction volume last month.
- DeFi tokens have been boasting relatively strong performance.
Decentralized finance (DeFi) is the application and integration of blockchain and cryptocurrency within the financial sector. In recent months the value locked in the DeFi ecosystem has spiked as previously reported by The Crypto Associate.
According to DeFi Pulse, the current value locked in the ecosystem stands at an eye-watering $2.55 billion. Compound continues to lead the way with a 27.25% dominance and nearly $700 million locked.
After opening the year at just over $700 million, the value locked in the ecosystem has surged by nearly $2 billion since the beginning of this year. More importantly, over a billion was locked in the last few months alone.
Transaction Volume
In addition to the value locked in the ecosystem, DeFi applications on the Ethereum blockchain saw a massive uptick in volume in recent months.
As previously reported by The Crypto Associate, Ethereum DeFi apps reached a staggering $5.7 billion in volume in June, according to Dapp.com’s 2020 Q2 Dapp Market Report. Moreover, DeFi apps saw an all-time high of over $600 million on June 21, 2020.
DeFi Tokens
Many DeFi tokens have also seen a surge in trading interest, especially Compound’s COMP token which saw a massive rally within its first week of trading. Many other DeFi tokens have also seen incredible rallies in the last few months.
This is further backed by a new report by TokenInsight, a blockchain and cryptocurrency analytics firm.
With interest in DeFi on the rise in recent months, the ecosystem continues to grow at a rapid pace reaching new milestones along the way.
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