Ethereum DeFi Apps Saw $5.7 Billion In Volume In June Alone

By July 7, 2020DApps
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Quick Take

  • Ethereum DeFi apps reached $5.7 billion in transaction volume in June alone.
  • DeFi reaches a historic milestone as the value locked surpasses $2 billion.

Decentralized application (Dapps) volume on the Ethereum blockchain has seen a recent explosion according to Dapp.com’s 2020 Q2 Dapp Market Report. The second quarter saw volumes surpassing $10 billion, driven by the rise in decentralized finance (DeFi).

Ethereum DeFi Dapp volume
Source: Dapp.com

According to the report, DeFi applications on the Ethereum blockchain reached a jaw-dropping transaction volume of $5.7 billion in June alone and an all-time high of just over $600 million on June 21, 2020.

New DeFi Dapps
However, despite the recent DeFi interest, out of the 99 new Dapps launched last quarter, only 11 were finance-related Dapps. The report also notes that “99 is also the lowest number of new Dapp launched since 2017. “

DeFi Reaches Historic Milestone

Decentralized finance (DeFi) is the application of blockchain and cryptocurrency within finance. DeFi is a broad term that includes financial smart contracts, decentralized applications, and individual protocols.

As reported previously by The Crypto Associate, the decentralized finance ecosystem has hit a new milestone with over $2 billion locked. The value continues to increase and is now $2.03 billion at the time of press.

Source: DeFi Pulse

While the DeFi ecosystem boasted massive growth last year, 2020 has already dwarfed 2019 in comparison. Interestingly, of the $1.3 billion growth this year, $1 billion came from the last two months.

Furthermore, Compound, a lending decentralized finance application, maintains its stronghold as the largest DeFi application by value locked. Compound currently boasts a 32.9% dominance with nearly $670 million locked.

Cover image by: Ricardo Gomez Angel via Unsplash

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Ethereum DeFi apps reached $5.7 billion in transaction volume in June alone.

DeFi reaches a historic milestone as the value locked surpasses $2 billion. Decentralized application (Dapps) […]

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