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DappRadar states the upsurge of DeFi as the major reason behind the rapid rise in Ethereum’s price, last month. Transaction volume for Ethereum applications exceeded twelve billion USD in the month of July, as per a report published recently by DappRadar. In the aforementioned report, the DeFi data site mentioned,
“2020 continues to be dedicated to the Ethereum DeFi ecosystem.”
The website found that ETH transaction volumes hit their all-time high last month. DeFi dapps accounted for ninety two percent of all transactions, it found.
It mentioned,
“The biggest contributors to the category were Compound, Aave, and Curve in July 2020. They generated 48%, 14%, and 14% of transaction volumes respectively.”
DappRadar ascribes the upsurge of DeFi, whose market capitalization is nearing nine billion USD as per crypto metrics site CoinGecko, to so-called yield farming.
Moreover, the site also ascribes some of the progress to volume on decentralized exchanges. Still, these are comparatively trivial:
“Decentralized exchanges account for only four percent of total transaction volumes,” found the crypto metrics website.
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