DeFi heat surge: Locked assets near People$2 billion, complete borrowing exceeds People$1 billion
Golden Finance reports that DeFi Pulse data implies that the full total value of assets locked in the DeFi ecosystem continues to go up, having exceeded the US$1.9 billion tag and is now US$1.98 billion. In accordance with DeBank data, the quantity of DeFi borrowing exceeded US$1 billion and happens to be US$1.05 billion. Included in this, the Compound platform ranked first with 827 million US bucks, accounting for 79.1% of the overall share, followed by Maker and Aave.
Up to now, DeFi fever has triggered numerous discussions. It is worth noting that through DeFi to entice more assets into its ecosystem, the active customers of Ethereum Dapp doubled in the second quarter of the year.
DappRadar's DApp Development Review for the second quarter of 2020 implies that decentralized applications in all ecosystems possess achieved tremendous development, mainly led by Ethereum's decentralized financing (DeFi). Based on the report, the amount of active customers of Ethereum-based Dapps doubled in a quarter, with a cumulative complete of over 1 million. In addition, right from the start of April to the finish of June, numerous transactions on Compound prompted the deal volume of Ethereum DeFi to surpass $10 billion. The info implies that Curve's deposits nearly tripled in June, while day-to-day trading volume reached a peak of 60 million U.S. bucks, 30 occasions the previous average. USDT trading pairs possess the highest requirement, accounting for a lot more than 58.5% of the full total trading volume. Uniswap also doubled its trading volume in June.
Stelian Balta, CEO of HyperChainCapital, said in an interview: "I believe there are large growth opportunities in the DeFi field. Among the major DeFi tasks, KyberNetwork, includes a transaction volume of simply over US$1 billion, and the marketplace worth of the task is only slightly over US$300 million. I think This is a serious underestimation."
OKEx Chief Technique Officer Xu Kun said that changes searching for encrypted assets in the second half of the entire year might revolve around changes in Ethereum, with DeFi being an important factor. Defi continues to be in its infancy. How to accomplish a breakthrough in the level of users can be an important subject within the next stage.
It is well worth noting that although the market development brought by DeFi is gratifying, there are plenty of doubts.
To begin with, the dominance of DeFi has indirectly led to a reduction in gaming routines. In the second quarter, the deal volume on the DeFi platform exceeded US$8 billion, resulting in an exponential upsurge in gas fees. The Ethereum game DApp ecosystem has suffered losses because fees account for a considerable proportion of each transaction. DappRadar reports that game-related on-chain action dropped 79% within the last quarter.
In addition, the safety of DeFi tasks has been questioned many times. Yang Xia, founder and CEO of Chengdu Lian'an, earlier stated that DeFi tasks are quickly developing and developing. The popularity of DeFi tasks is mainly because of its high returns, which will inevitably be associated with huge risks. The DeFi teams of all parties may also be free to develop their very own contract products; nevertheless, there is no uniform and regular safety scheme to adhere to, or strict safety audits should be passed, which leads to an endless stream of contract vulnerabilities and related security problems. Any Defi task party should focus on contract security problems when developing agreements, to be able to deal with numerous emergencies and different abnormal usage of the contract, in order to avoid losses; at the same time, it is recommended to accomplish related safety audits and make use of professional blockchain The energy of the safety company to avoid potential basic safety hazards.
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