The DeFi space is getting more and more popular these days.
Ethereum is still dominating DeFi space, and according to the latest reports, it was able to massively outperform other smart contract platforms such as Tron, EOS, NEO, and more.
The online publication the Daily Hodl notes that Q3 DeFi ecosystem reports released by Dappradar revealed that this quarter is by far the best one for Ethereum, accounting for 96% of the total of $123 billion total transaction volume in the ecosystem.
ETH is the clear leader in terms of daily active wallets on DeFi
It’s been also revealed that ETH is also the leader in terms of daily active wallets on DeFi.
“Ethereum is responsible for 57% of DeFi daily active wallets with TRON and EOS, accounting for 35% and 5%, respectively.”
The online publication mentioned above notes that DappRadar also highlights the power of yield farming and says that this is a major contributor to Ethereum’s dominance in the DeFi space.
“It is evidential, that the delivery of new governance tokens together with yield farming created the hype that ended up generating remarkable results in Q3, effectively assisting Ethereum in maintaining its leadership position throughout Q3 2020,” according to the notes.
Ethereum shows signs of congestion
DappRadar, on the other hand, notes that Ethereum is faced with a problem these days:
“Although the results of Ethereum are astonishing, one of the main issues slowing it down is congestion. The gas prices showed impressive heights during Q3 2020.”
We recommend that you check out the complete report in order to learn more details.
DeFi market boost
It’s been recently revealed that the total number of Bitcoin locked in decentralized finance (DeFi) protocols have reached an all-time high as DeFi markets begin to show strong signs of recovery.
The online publication the Daily Hodl notes that the DeFi analytics platform DeFi Pulse revealed that Bitcoin holders had converted 141,683 BTC worth over $1.5 billion into ERC-20 tokens.