Report: Ethereum (ETH) Holds 96% of Total Transaction Volume in DeFi

Posted by Jeffrey Sloe on October 11, 2020 - 7:50pm Edited 10/11 at 7:57pm

Report: Ethereum (ETH) Holds 96% of Total Transaction Volume in DeFi

John P. Njui • DEFI • ETHEREUM (ETH) NEWS • OCTOBER 11, 2020

Summary:

Ethereum continues to dominate the DeFi ecosystem
In Q3 2020, Ethereum held 96% of DeFi’s total transaction volume
Dapps that account for the majority of the total transaction volume were Uniswap, MarkerDay and Curve

The team at DappRadar has released Q3’s Decentralized Finance Report in which they analyze Dapp activity on the several blockchains of Ethereum (ETH), Tron (TRX), EOS, IOST, Ontology (ONT) and Neo (NEO).

According to the report, Ethereum continues to dominate the DeFi space with 96% of the total transaction being carried out on the Ethereum network.

Q3 2020 was the best quarter for the DeFi ecosystem so far…the DeFi ecosystem transaction volume surpassed $123 billion with 96% of total belonging to Ethereum.

The Launch of UNI Boosted the Use of UniSwap

Additionally, the majority of Ethereum’s transaction volume was due to the three Daaps of Uniswap (UNI), MarkerDAO (MKR) and Curve Finance (CRV). The report further highlighted that the popularity and usage of UniSwap has spiked since the introduction of the UNI governance token.

Other Smart Contract Protocols are Joining the DeFi Hype

The report by DappRadar also points out that the three blockchains of Ethereum, Tron and EOS hold up to 97% of the daily active addresses participating in DeFi. However, the dominance of these three blockchains might soon have to contend with the entrance of other smart contract platforms into the DeFi arena.

In terms of daily active wallets, Ethereum accounts for more than 57%…EOS and TRON hold 5%, and 35% respectively. In total Ethereum, EOS, and TRON hold up to 97% of the daily active wallets.

Other smaller protocols like IOST, Ontology, and NEO have followed the DeFi trend in Q3 2020. The daily active wallets of IOST, Ontology, and NEO have increased by 357%, 1,589%, and 840% respectively.

DappRadar Begins Tracking Dapps on Binance Smart Chain

One blockchain network conspicuously missing from the Q3 report, is the Binance Smart Chain. However, the exclusion might have been due to the fact that Binance Smart Chain was launched in the middle of Q3 right when DeFi was gathering steam.

Earlier this week, the team at DappRadar announced that they started tracking Dapps on the Binance Smart Chain.