According to a DappRadar report, about 96% of DeFi transaction volume in the space belongs to Ethereum so let’s read more in the upcoming ethereum news today.
DappRadar released its Q3 Decentralized Finance Ecosystem report where you can see that 96% of the total transaction volume belongs to ETH. DeFi exploded in Q3 because of the yield farming but all decentralized finance transactions are based on ETH according to the new DappRadar report. DappRadar is a platform that ranks and tracks decentralized apps which issued a report this week that shows how in the third quarter of the year, the transaction volume in the industry hit $125 billion which is an increase of about $113 billion since 2020’s second quarter. 96% of the total transaction volume took place on the ETH blockchain.
The total value that is locked into ETH smart contracts surpassed $10 billion with Uniswap, Curve, and MakerDao leading the way. The total locked value in DeFi smart contracts hit $10.82 billion whereas back in June it was about $1 billion. This only shows that the Ethereum blockchain dominates the DeFi space but other blockchains are now trying to get in on the action but can’t come close. Ethereum is also the leader when it comes to daily active wallets as it reached 57% while Tron active daily wallets in Q3 reached 35% and EOS 5%. Over the past day, there were about 17,000 active wallets according to DappRadar.
The report noted that the biggest ETH contributors were Uniswap, Balancer, Compound, and SushiSwap which generated about 56% of the total daily active wallets on Ethereum. EOS picked up momentum in Q3 while DeFis Network generated more than 4300 daily active wallets. The number of TRON dapps including JUST and SharkTron resulted in the creation of 32,000 daily active wallets in the third quarter. DappRadar’s report said that the yield farming is a huge blast for DeFi and truly exploded thanks to the decentralized lending protocol Compound. COMP’s volume hit $4 billion.
With the rise of decentralized exchanges like Uniswap and SushiSwap leading to billions being poured into Defi, back in September $33 billion was generated by Uniswap when it released the UNI token. DeFi dapps made huge amounts of money in Q3 which is about $59 million according to the report, where $33 million went to Uniswap.
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