DeFi growth helps push crypto’s share of the global money supply above 2%
The cryptocurrency market now accounts for 2% of the global money supply as DeFi and stablecoin growth point to steady increases in adoption. This year decentralized finance (DeFi) has proven to be a transformative sector for the cryptocurrency ecosystem and it is also making waves in among global financial markets as institutional investors become entranced with the potential to earn high yields on stablecoins, altcoins and Bitcoin. While the price action from Dogecoin (DOGE) has dominated the headlines in recent weeks, Delphi Digital has been chronicling the growth of the DeFi ecosystem....
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The Bitcoin market capitalization is once again sufficient to cover the M1 money supply of either Australia or Canada. Another day of gains for Bitcoin (BTC) has seen the price of the largest crypto by market capitalization go beyond the $1.1 trillion mark — $1.105 trillion to be precise.This market capitalization growth now means that Bitcoin’s market size has surpassed Canada’s M1 money supply which stands at $1.104 trillion according to data from CEIC.At the present figure, Bitcoin’s market capitalization is also greater than the M1 money supply of the Australian dollar which currently....
DeFi participants must be aware of the total value locked (TVL) indicator.Find out here what it is, how it is calculated and why it matters in DeFi. Largest network by DeFi TVLIn 2022, Ethereum appeared as the largest network by DeFi TVL, accounting for over half of the total DeFi volume worldwide.To give some perspective, the Ethereum DeFi network includes just under 500 protocols. It has a TVL of approximately $73 billion, with 64% of the market share, compared with BNB Smart Chain, which is the second-highest TVL at $8.74 billion in value at 7.7% of the market share, Avalanche with....
Data from DappRadar shows rapid uptake of Polygon-based decentralized applications. The network now has 93 functioning dapps, up considerably over the past four weeks. Polygon, a leading platform for Ethereum (ETH) scaling and infrastructure development, has attracted 75,000 new users over the past seven days, highlighting growing demand for layer-2 decentralized applications. The data, courtesy of DappRadar, shows that the top 20 Polygon dapps were responsible for the increase. In this case, new users refer to active wallets interacting with Polygon dapps. The influx of new users brought....
Tether supplies on Ethereum are dwindling as USD Coin demand grows and grows. USDC has grown much faster than Tether (USDT) in 2021 and it is emerging as the dominant stablecoin on Ethereum thanks to its popularity in DeFi according to Messari.Research by the analytics firm revealed that the demand for USD Coin has grown so much that it has consumed a large chunk of Tether’s market share this year. Researcher Ryan Watkins predicted that in the coming weeks, this could result in Tether' share of the stablecoin supply on Ethereum falling below 50%. He added that over half of the total USDC....
2020 will go down in history for various reasons. While the pandemic took center stage, the emergence of Bitcoin, stimulus money, and unprecedented fiat money printing have been critical themes economically. The ballooning effect of national currencies printing fiat money to offset the impact of the pandemic, caused the global M1 money supply to expand exponentially. Despite this, however, Bitcoin’s rank in the total M1 money supply has risen substantially, from rank 34 to 13th […]