DeFi report: $2 billion have been exceeded
DeFi report: $2 billion have been exceeded
Defi

DeFi report: $2 billion have been exceeded

By Marco Cavicchioli - 7 Jul 2020

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A recent DeFi report revealed that several records were broken in the second quarter of 2020. 

In fact, the most prominent one was surpassed yesterday, July 6th, with the total volume of locked funds on DeFi protocols exceeding $2 billion for the first time ever, as calculated by DeFiPulse

Only a few months ago the $1 billion was exceeded for the first time, followed by a collapse to just over half during the global financial market crisis in March. 

Since then, however, the volume has been growing again, surpassing the billion at the beginning of June and then rising to 2 billion dollars. 

This rapid growth is mainly due to Compound, which has even surpassed MakerDAO, becoming the DeFi protocol with the highest volume of locked assets: 655 million, compared to the $594 million of Maker

However, Maker itself has also grown significantly, especially since July 1st. 

Another significant performance is that of Synthetix, now firmly in third place with $321 million. 

In reality, all the main DeFi protocols have recorded a significant increase in the volume of locked funds over the last month, in part thanks to the growing value of ETH. 

The second quarter of 2020, which ended on June 30th, also recorded other records. 

The volume of transactions on DeFi protocols reached a new daily high on June 21st, with over $608 million, with BAT dominating this ranking ahead of ETH and DAI.

In addition, Ethereum almost doubled the number of active users on dApps in the second quarter, reaching a new record high of over 1.2 million. 

In fact, after the release of the Compound COMP token, the number of daily active users has increased from less than 8,000 to more than 11,000, an increase of 48%

In June alone, the total volume of transactions on the various DeFi protocols reached $5.7 billion, or 97.5% of the entire trading volume generated by all transactions on all Ethereum dApps.  

Much of this increase is due to the launch of the Compound COMP token, which has generated a significant increase in interest in DeFi instruments since mid-June. 

Among other things, the token debuted on the markets at a price of around $74, while it is now worth almost 200, with an increase in value of over 160% in less than a month. 

Other tokens related to the DeFi world are also showing very interesting performances, so much so that for some time now CoinMarketCap has even added a specific section dedicated to DeFi tokens. 

In particular, Synthetix’s SNX token is the other great protagonist of this growth, since it reached new historical highs at almost $2.5, after dropping below $0.4 in March. 

It’s hard to say whether this incredible recent growth in interest in DeFi is just a temporary bubble, or is destined to continue over time, but considering that behind DeFi protocols there are in fact users who use them for trading, for example, it’s possible that the trend may continue

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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