Defi means Decentralized Finance. And defi exchanges and tokens are recovering faster than most digital assets. Last week these digital assets were almost at a loss of 40 percent. Examples of such tokens are terra, hxro, curve, and many more were seeing only two-digit gain. On 23rd May, defi economy’s TVL (Total-Value Locked) drops to 50 billion USD. And, since then, it has gained almost 17.4 billion USD.
Defi economy defied recovery rate against most crypto assets.
Unfortunately, during last week’s unexpected and huge reduction in the market, decentralized finance tokens also lost their value. But, the defi economy is just running and healing itself faster than most cryptocurrency assets. And there are fans all over the world who are enjoying right now seeing the recovery rate. Some statistics show 19 billion USD was substituted on dex applications such as Curve, Ox Native, Uniswap, Tokenlon, and Sushiswap.
Among many analyses, statistics show one of the dex applications, Uniswap, saw 11.4 billion USD in trades. On the other hand, another app, Sushiswap, saw 2.4 billion USD during the last week’s market drop. In the last 24 hours, a popular platform Pancakeswap saw an increase of 20.4 million USD. Can you imagine? This is a very huge number.
Binance Dex is a platform where users can trade with each other directly and have proper control over their own funds. And, this famous platform saw 5.4million USD in a volume of 24 hours.
Binance Smart Chain (BSC) is an architecture that will help its users to make their own decentralized apps and other digital assets. And BSC dex has apps such as Nerve Finance and Autofarms also saw a consistent increase in trading. Uniswap now has a rank of 18 out of the top 20 exchanges today, June 4, 2021, as per coinranking.com.
About Decentralized Finance Economy’s TVL
Since May 23, TVL has increased up to 34.8 percent. However, it saw a drop to 50 billion USD but recovered back to 67.4 billion USD, in accordance with data collected by 2nd June.
There is an exponential rise of users who are interested in De-Fi. Today over 2.64 million unique addresses are there on De-Fi platforms. According to data, since December 31st, 2020, the growth in users is above 124 percent.
Apps like Uniswap, Sushiswap, and Aave are currently ruling the De-Fi platforms. Proud to say that Uniswap is responsible for providing the most revenue. Sushiswap and Aave are right behind Uniswap. De-Fi Platforms such as Polygon, Curve, Compound, and Maker saw a rise of 7-12 percent by following Aave.
Not just De-Fi Tokens but Non-Fungible Tokens saw a perfect rise of USD in volume. NFT platforms such as Opensea saw their 93 million USD in April rise up to 138 million USD in May.
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