Ethereum DeFi Broke Records in June, But Other Categories Are Suffering

Ethereum’s 2020 DeFi boom came at the cost of its gaming ecosystem.
Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi.
Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions.
According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield.
Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens.
 This limitation allows Curve to provide competitive slippage and fees for exchanging assets.
Deposits on Curve rose almost three-fold in June, while daily volume reached peaks of $60 million 30 times more than its previous average.
 

 Demand for USDT pairs was the highest, capturing more than 58.5% of the total volume. This is due to USDT having one of the most significant COMP yields for an extended period of time.
Uniswap also benefited from the COMP craze, with monthly volume doubling in June.
 Kyber and 0x had more modest performances: despite posting fresh monthly highs, the project’s growth was in line with the rest of the year.

Other chains benefiting too
 According to DappRadar’s Q2 report, the dominance of DeFi indirectly led to the decline of gaming activity.
 Over $8 billion was transacted on DeFi platforms in Q2, which led to gas prices soaring exponentially.
 Ethereum’s vibrant gaming DApp ecosystem suffered as fees came to represent a significant portion of each transaction.


 DappRadar reported a staggering 79% decline of gaming-related activity on-chain over the previous quarter.

EOS appears to be the main recipient of Ethereum’s loss as its gaming transaction volume rose by about 80% since the previous quarter.
 While this is positive news for the platform, it still hasn’t fully recovered from the damage caused by the EIDOS airdrop in late 2019.
 Volumes remain well below the highs of Q2 2019.
Finally, Tron (TRX) saw growth in its DeFi ecosystem after porting several Ethereum projects on its chain.
In addition to the previously-launched clone of Single Collateral Dai, a platform named Oikos.
cash recreated both Synthetix and Uniswap on Tron.
Nevertheless, total volume for all Q2 is just $15 million.
 The majority of Tron’s activity remains in the gambling and “high-risk” categories.

Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20

If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog


Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more