According to DappRadar’s Q3 2020 report, 96% of total DeFi transactions came from Ethereum. DeFi user activity has increased due to “profitable farming”.
The DappRadar team has released a Q3 report on DeFi performance. According to the report, over the past three months, the volume of transactions in the industry has reached $ 125 billion, which is $ 113 billion more than in the second quarter. At the same time, 96% of the total volume of transactions fell on Ethereum.
According to DappRadar, the total value of cryptoassets blocked in Ethereum smart contracts has exceeded $ 10 billion, with Uniswap, MakerDAO and Curve leading in this indicator. The total dollar value of crypto assets blocked in DeFi is $ 10.82 billion.
Ethereum also leads in terms of the daily number of active wallets – over 57% of the total. The similar figure for Tron in the third quarter is 35%, and EOS – 5%. The researchers note that the largest contributions to the Ethereum protocol came from Uniswap, Sushiswap, Balancer, and Compound, which accounted for 56% of Ethereum’s active wallets on a daily basis.
DeFi projects on EOS grew in popularity in Q3. Defibox, Dmd.Finance and the DeFis Network had over 4,300 active wallets daily. That said, decentralized apps on Tron, including JUST, Zethyr Finance, Sun and SharkTron, had 32,000 wallets.
DeFi’s explosive growth is rooted in the yield farming strategy that has gained popularity thanks to the Compound lending protocol, the researchers note. In the first half of June alone, Compound’s transaction volume totaled $ 4 billion.
The rise of the decentralized exchanges Uniswap and SushiSwap has resulted in billions of dollars worth of crypto assets on the DeFi market. In September, Uniswap generated $ 33 billion in transactions (60% of total DeFi transactions) when it issued a token to manage the UNI protocol.
In the third quarter, DeFi decentralized applications brought in about $ 59 million to their creators. Most of this revenue – $ 33 million – came from Uniswap. XReg recently said that the EU cryptocurrency regulation bill poses risks to the DeFi industry due to the registration requirements for issuers of cryptoassets.
