Decentralized finance (defi) exchanges and tokens are recovering much faster than a large number of digital assets that lost more than 40% in value last week. Defi tokens such as curve, kyber network, terra, hxro, etc. have been achieving double-digit growth. On May 23, the total locked-in value (TVL) of the defi economy fell to a low of approximately US$50 billion, and has since increased by US$17.4 billion.
The increase of the Defi economy is higher than that of other economies
During the recent market crash, after many decentralized financial tokens lost a lot of value, Defi fans saw an improvement in the economy. However, with countless indicators showing that the ecosystem is healing faster than other crypto assets, the defi economy has accelerated again.
The 7-day statistics of the decentralized exchange (dex) showed that $19 billion was exchanged on dex applications such as Uniswap, Sushiswap, Curve, 0x Native, and Tokenlon.
Statistics from Dune Analytics show that Uniswap’s transaction volume was US$11.4 billion, while Sushiswap’s swap volume was US$2.4 billion. On Binance Smart Chain (BSC), the popular dex platform Pancakeswap has a transaction volume of US$20.4 million in the past 24 hours.
Binance dex’s 24-hour transaction volume reached 5.4 million U.S. dollars, while the transaction volume of BSC dex applications such as Autofarm and Nerve Finance also increased. Coinranking.com’s exchange rating shows that Uniswap is ranked 18th among the top 20 exchanges today.
According to data collected on June 2, the TVL of the defi economy has increased by 34.8% since May 23, after defi TVL fell to US$50 billion and rose back to US$67.4 billion. Defipulse.com records show that Aave’s dominance ranking is 15.18% because the loan agreement has a TVL of $10.2 billion.
Over time, Defi users continue to grow exponentially, as Dune Analytics shows that there are 2.64 million unique addresses today. Since December 31, 2020, the only defi address has increased by 124%.
Currently, Uniswap has the most revenue, followed by Sushiswap and Aave. In terms of TVL data, following Aave, defi platforms such as Maker, Compound, Polygon and Curve rose 7-12%.
Compared with April, Opensea and Rarible, the largest non-homogeneous token (NFT) markets, saw a significant increase in U.S. dollar trading volume in May. For example, Opensea’s April revenue was 93 million U.S. dollars, and May transaction volume jumped to 138 million U.S. dollars.
Compared with May, Rarible’s trading volume in April was slightly higher, while Opensea’s USD trading volume was still higher than that of Rarible. Rarible statistics in April and May show that the NFT market only saw $22 million.
What do you think of the current state of the defi ecosystem? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Dune Analytics, Defipulse.com,
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