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DeFi Transaction: 96% of the Total Volume belongs to Ethereum

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DeFi Transaction: 96% of the Total Volume belongs to Ethereum

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A new report shows that almost all decentralized financial transactions (DeFi transaction) are based on Ethereum.

DappRadar, a website that rates and tracks decentralized applications (dapps), released a report this week showing that the DeFi world’s transaction volume reached $ 125 billion in the third quarter of this year since the second quarter of 2020, an increase of $ 113 billion. The Ethereum blockchain accounts for 96% of the total transaction volume.

According to the report, the total value of Ethereum smart contracts has exceeded $ 10 billion, with Uniswap, MakerDAO and Curve taking the lead. Today the total amount of DeFi Smart contracts suspended is $ 10.82 billion. As early as June, it was worth around $ 1 billion.

This shows how the Ethereum blockchain is dominating the decentralized financial market. While other blockchains are trying to take action, none come close.

In terms of daily activity folders, Ethereum is also king (more than 57%). Tron’s Daily Active Wallets hit 35% and EOS 5% in the third quarter. According to DappRadar, there were around 17,000 valid wallets on the previous day.

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DeFi Transaction: 56% of Ethereum Active Wallet Generated Daily

The report noted that in the third quarter, Uniswap, Sushiswap, Balancer and Compound made the largest contributions to the Ethereum protocol, generating 56% of daily active wallets on Ethereum.

The EOS agreement also grew in the third quarter. Defibox, Dmd.Finance and DeFis networks generate more than 4,300 active wallets every day.

Many Tron dapps (including JUST, Zethyr Finance, Sun, and SharkTron (two of which are named after Tron CEO Justin Sun)) created 32,000 active wallets per day in the third quarter.

But why was there so much interest in the DeFi world in the third quarter? Revenue Agriculture, including agreements, issues additional tokens to users to encourage loyalty.

The report from DappRadar states that the returns are good and are breaking out due to the use of the Compound decentralized loan agreement. In the first half of June alone, the combined transaction volume reached $ 4 billion.

The report added that the rise of the decentralized exchange Uniswap, and later SushiSwap, resulted in billions of dollars flooding into the DeFi market. In September, Uniswap generated $ 33 billion (60% of the total DeFi transaction volume) issuing UNI tokens.

DeFi dapps also made a lot of money in the third quarter, which is $ 59 million according to DappRadar. Most of that revenue ($ 33 ​​million) went to Uniswap.

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