- Ethereum DeFi apps reached $5.7 billion in transaction volume in June.
- DeFi reaches a historic milestone as the value locked surpasses $2 billion.
Decentralized application (Dapps) volume on the Ethereum blockchain has seen a recent explosion according to Dapp.com’s 2020 Q2 Dapp Market Report. The second quarter saw volumes surpassing $10 billion, driven by the rise in decentralized finance (DeFi).
According to the report, DeFi applications on the Ethereum blockchain reached a jaw-dropping transaction volume of $5.7 billion in June and an all-time high of just over $600 million on June 21, 2020.
However, despite the recent DeFi interest, out of the 99 new Dapps launched last quarter, only 11 were finance-related Dapps. The report also notes that “99 is also the lowest number of new Dapp launched since 2017. “
DeFi Reaches Historic Milestone
Decentralized finance (DeFi) is the application of blockchain and cryptocurrency within finance. DeFi is a broad term that includes financial smart contracts, decentralized applications, and individual protocols.
As reported previously by The Crypto Associate, the decentralized finance ecosystem has hit a new milestone with over $2 billion locked. The value continues to increase and is now $2.03 billion at the time of press.
While the DeFi ecosystem boasted massive growth last year, 2020 has already dwarfed 2019 in comparison. Interestingly, of the $1.3 billion growth this year, $1 billion came from the last two months.
Furthermore, Compound, a lending decentralized finance application, maintains its stronghold as the largest DeFi application by value locked. Compound currently boasts a 32.9% dominance with nearly $670 million locked.
Cover image by: Ricardo Gomez Angel via Unsplash
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