DeFi boom drives 1200% increase in DApp volume in 2020: Report
DeFi projects will form the foundation of the crypto economy in 2021 according to a report by DappRadar. DApp transaction volume has topped $270 billion so far in 2020, with 95% of this figure belonging to Ethereum’s DeFi ecosystem, according to DappRadar. That’s an astonishing 1178% increase from last year’s total of $21 billion.The blockchain data provider revealed the figures in its annual DApp Industry Report today, summarizing the highlights and failures of a record-breaking year for DApp-based economics. The report noted that money has been flowing from BTC to ETH throughout the....
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The latest data from Coingecko shows that the combined trading volumes of cryptocurrency exchanges went up by $155 billion between July and September, from $175.7 billion to $330.6 billion. The new total volume represents a 88% increase which Coingecko attributes to the decentralized finance (defi) hype and yield farming frenzy that peaked in August. In the report, Coingecko also observes that from the start of Q3, traded volumes on decentralized exchanges (dexs) grew much faster than those of centralized exchanges (cexs). For instance, in Q3, “the monthly average dex trading....
Despite pullback, trading volumes on decentralized exchanges are still significantly higher than Q2. The trading volume on decentralized exchanges, or DEXs, reached $42.6 billion during Q3 2020, marking an increase of 1,132% on the previous quarter, according to a recent industry report from TokenInsight.However, October saw figures pull back a little from September highs, as Bitcoin (BTC) prices started to pump, re-capturing traders' attention following the previous few months' decentralized finance, or DeFi, boom.Volumes in July alone reached $5 billion, which was up one third on the....
Ethereum (ETH) has become a beacon in the sea of blockchains, boasting a staggering 92% surge in dApp (decentralized application) volume over the past week. This news, however, comes with a layer of complexity, revealing a landscape of both opportunity and potential setbacks for the leading blockchain. Related Reading: 36% Explosion! ENS Coin Steals The Spotlight In The Crypto Market Cheap Gas Fuels The Fire Analysts attribute the dApp volume explosion to the Dencun upgrade in March, which significantly reduced gas fees – the cost associated with processing transactions on the Ethereum....
People who invested their first stimulus check into Bitcoin in April 2020, would now have more than $10,000. A Twitter account named “$1200 Stimulus Is Now Worth” has been tracking how much the first US $1200 stimulus would be worth if you invested in Bitcoin when the funds were sent out from April 15, 2020. The passing of the first $1200 stimulus bill in April last year corresponded with a huge bull run in the cryptocurrency and stock markets. Bitcoin was sitting at $6,848 on April 15, and if you had invested the $1200 stimulus then it would now be worth $10,211 at today's prices of....
Chainalysis said North America’s DeFi transactions were led by retail investors in the last year, with many transactions under $10,000. Digital analytics firm Chainalysis reported that the growth in North America’s crypto market has been driven by the rise in popularity of decentralized finance.In its 2021 Geography of Cryptocurrency Report, Chainalysis said the monthly crypto transaction volume across North America grew by more than 1,000% from July 2020 to June 2021. The monthly volume reached a peak of $164 billion in May 2021 before dipping to just over $100 billion in June. According....