A New Report Says Q3 2020 Was the Most Impressive Quarter for Decentralized Finance (DeFi)
The decentralized finance (DeFi) industry is witnessing growth since the beginning of this year. However, according to a new report, the third quarter of 2020 was the best quarter for the DeFi industry as in this quarter, it witnessed explosive growth.
Dapp Radar’s Quarterly report
Dapp Radar has released the “Q3 Decentralized Finance Ecosystem Report” in which the company has said that the year 2020 belongs to the decentralized finance (DeFi) industry most particularly the third quarter of the year. The report explored various developments that occurred in the DeFi ecosystem in Q3 2020. Based on its findings, the company has regarded Q3 as the most impressive quarter for the decentralized finance ecosystem. The rising trend for yield farming was the main factor that drove this decentralized finance’s explosive growth.
The transaction volume of DeFi has been gradually rising high since the year 2019 and it continued to go up steadily in the first two quarters of 2020 as well. However, the transaction volume of decentralized finance skyrocketed in the third quarter and reached $123 billion while rising from $10 billion. That is a massive growth shown by DeFi in Q3.
Source: Dapp Radar
It was not only the transaction volume of DeFi which exploded in Q3 but the total locked value in various decentralized finance protocols also surged high. As per the report, the total value locked (TVL) increased by 380 percent. Currently, according to data from Defi Pulse, the total locked value in DeFi protocols is standing above $10 billion. The decentralized exchange protocol Uniswap holds $2.53 billion out of the entire TVL. While on the other hand, Maker’s total value locked is 1.92 billion.
Ethereum was the most prominent blockchain in DeFi in Q3
On the other hand, the Dapp Radar report has also stated that the second-largest blockchain network Ethereum was the most prominent and significant blockchain in the DeFi industry in the third quarter of 2020.
Reportedly, the transaction volume on the Ethereum blockchain skyrocketed to hit $119.5 billion. Its transaction volume is counted for 96% in the DeFi ecosystem. The Ethereum network witnessed a surge of over 1200 percent in the third quarter.
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