According to the July edition of Dapp Ecosystem Report, a publication of DappRadar, Ethereurm dApps surpassed $12 billion in July. The report showed that DeFi accounted for 92% of the transaction volume.
In July, Ethereum attained its 2020 all-time high (ATH) of $400, an achievement attributed to DeFi’s rapid growth. The top three tokens with the most transaction volumes were Compound with 45%, and Aave and Curve with 14% each. Notable tokens that also saw increases in trading volume include Balancer, Yearn Finance, mStabe and Uma Project.
According to Dune Analytics, decentralized exchanges (DEX), also spiked up to about $4.3 billion in July.
DeFi, a sector that is still considered to be relatively new, has been increasingly popular with each passing month. The market has managed to exceed expectations despite the effects of the coronavirus pandemic. Currently, its market cap is about $9 billion, representing about 20% of Ethereum’s market cap.
Ethereum is the second-largest crypto by market cap after Bitcoin. Last week, the token overtook Bitcoin in daily transaction fees, averaging about $2 million. Bitcoin’s transaction fees, though, have been growing by 67.4% weekly compared to Ethereum’s 28.7%.
On Friday, June 3, Ethereum dApps pulled in 127,000 transactions on that day alone, more than a third of the Bitcoin network.
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