Updated: 08/06/2020 05:33
Hyip Monitor
ethereum transaction volume hits new high
A surge in transaction volume in the DeFi market saw Ethereum applications record an all-time high transaction volume above $12 billion
Sponsored Links
A surge in transaction volume in the DeFi market saw Ethereum applications record an all-time high transaction volume above $12 billion Interest in decentralized finance has pushed transaction volume for Ethereum dApps to an all-time high over the past month.

According to DappRadar, the DeFi sector saw massive volumes in July to push the overall dApps market on the Ethereum network past $12 billion. DappRadar notes in its report that DeFi applications accounted for over 90% of the total transaction volume on the Ethereum network.

Compound (48%) Aave (14%) and Curve (14%) saw the most volume in July. Other tokens that have contributed to the upsurge in volume are Balancer, Yearn Finance, mStabe and Uma Project. All these tokens have surged by double-digits over the past week.

DeFi is still a small market compared to the global crypto market. However, soaring interest in the tokens have seen the sector’s overall market cap come close to hitting $9 billion. According to data on CoinGecko, this accounts for about 20.6% of Ethereum’s market cap — currently at around $43.5 billion.

DEX volume also at all-time high

Ethereum-based decentralized exchanges (DEXs) also saw record volumes in July. Data shared by Dune Analytics shows that DEX volumes surged to $4.3 billion this past month. The volume, according to the platform, was three times higher than what was recorded in June. Over the past year, DEX volumes have increased by nearly 1,200%.

The most volume seen was from Uniswap and Curve, popular for their coin swapping platforms. Balancer, DDEX and Kyber Network also recorded a significant surge in trading volume. However, unlike the DeFi category, DEX accounted for only 4% of Ethereum’s transaction volumes.
DEX volume in July soared to $4.3 billion. Source: Dune Analytics

Ethereum total network fees

Ethereum has also continued to record a spike in network transaction fees. The past week has seen the network average about $2 million in daily transaction fees, with Ethereum recently overtaking Bitcoin.
However, transaction fees have grown at a weekly rate of 28.7% compared to Bitcoin’s 67.4%, suggesting there is a growing demand on the Bitcoin network that could see it surpass Ethereum.

ChainLink has also hit new highs near $10.00 as interest in the decentralized oracles protocol continues to surge. Ethereum’s ETH token rose to a multi-year high above $400 over the weekend. The cryptocurrency has now corrected by about 2% in the past 24 hours to trade around $388.

About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
You May Also Like