Bitcoin News and Finance
Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout Skip to main content

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Decentralized finance (defi) exchanges and tokens are recovering a lot faster than a great number of digital assets that lost more than 40% in value last week. Defi tokens like curve, kyber network, terra, hxro, and more have been seeing double-digit gains. On May 23, the defi economy’s aggregate total-value locked (TVL) dropped to a low of around $50 billion and has since gained $17.4 billion.

Defi Economy Lifts Higher Than the Rest

Defi fans are seeing the economy improve a bit after many decentralized finance tokens lost a significant amount of value during the recent market rout. However, the defi economy is picking up steam once again as a myriad of metrics show the ecosystem is healing faster than other crypto assets.

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout
TVL has jumped 34.8% since May 23, 2021.

Seven-day statistics for decentralized exchanges (dex) show $19 billion swapped on dex applications like Uniswap, Sushiswap, Curve, 0x Native, and Tokenlon.

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout
Decentralized exchange (dex) volumes according to Dune Analytics.

Dune Analytics stats show Uniswap saw $11.4 billion in trades while Sushiswap saw $2.4 billion in swaps during the last week. On the Binance Smart Chain (BSC), the popular dex platform Pancakeswap tallied $20.4 million in volume in the last 24 hours.

Binance dex has seen $5.4 million in 24-hour volume while BSC dex apps like Autofarm and Nerve Finance have also seen increased trading action. Coinranking.com’s exchange ratings show Uniswap is ranked 18 out of the top 20 exchanges today.

The defi economy’s TVL has increased by 34.8% since May 23, after the defi TVL slid to $50 billion and jumped back to $67.4 billion, according to data collected on June 2. Defipulse.com records show that Aave has a dominance ranking of 15.18% as the lending protocol has $10.2 billion TVL.

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout
Defi users (unique addresses) have increased significantly during the course of 2021.

Defi users over time continue to rise exponentially as Dune Analytics indicates there are 2.64 million unique addresses today. Unique defi addresses have grown 124% since December 31, 2020.

Currently, Uniswap is pulling in the most revenue followed by Sushiswap and Aave. As far as TVL data is concerned, following Aave, defi platforms like Maker, Compound, Polygon, and Curve have jumped 7-12%.

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout
30-day monthly volumes for Opensea and Rarible NFT markets.

The top non-fungible token (NFT) markets Opensea and Rarible have seen a significant rise in USD volume in May compared to April. Opensea for instance saw $93 million in April and in May volume jumped to $138 million.

Rarible’s volume was slightly higher in April compared to May and Opensea still towers over Rarible in terms of USD volume. Rarible saw $37 million in April and May stats indicate the NFT marketplace saw only $22 million.

What do you think about the current state of the defi ecosystem? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory