Decentralized finance at Ethereum broke records in June, but other categories are suffering

 

The results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, led primarily by the decentralized finance of Ethereum (ETH), or DeFi.

Decentralized exchanges were at the forefront of the increase as composite token mining activity was reduced to downstream swap solutions.

According to Our Network, Curve was one of the biggest beneficiaries of agricultural performance, helping users switch between different stable currencies to maximize yield.

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Curve is an automated money market that only supports swaps between different types of stable currencies and ‚wrapped‘ tokens. This limitation allows Curve to provide competitive slippage and asset swap rates.

Deposits on Curve increased almost threefold in June, while daily volume peaked at $60 million, 30 times its previous average. Demand for USDT pairs was the highest, capturing more than 58.5% of total volume. This is because the USDT has one of the most significant COMP returns over an extended period of time.

Uniswap also benefited from the COMP trend, with monthly volume doubling in June.

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Kyber and 0x had more modest performances: despite registering new monthly peaks, the project’s growth was in line with the rest of the year.

Other channels also benefited

According to the DappRadar Q2 report, DeFi’s dominance indirectly led to the decline of gaming activity. More than USD 8 billion was transacted on DeFi platforms in the second quarter, leading to exponential growth in gas prices.

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Ethereum’s vibrant gaming DApp ecosystem suffered when fees came to represent a significant part of every transaction. DappRadar reported a staggering 79% decline in gaming-related activity at the chain during the previous quarter.

 

EOS appears to be the main recipient of the Ethereum loss as its gaming transaction volume increased by approximately 80% from the previous quarter. While this is positive news for the platform, it has not yet fully recovered from the damage caused by the EIDOS airdrop at the end of 2019. Volumes remain well below the peaks of Q2 2019.

Finally, Tron (TRX) experienced growth in its Crypto Wealth ecosystem after carrying several Ethereum projects in its chain. In addition to the previously released Single Collateral Dai clone, a platform called Oikos.cash recreated Synthetix and Uniswap in Tron. However, the total volume for the entire second quarter is only $15 million. The majority of Tron’s activity remains in the gaming and „high risk“ categories.

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