Binance: Total Collateral Value of DeFi Reaches 500 million USD
Henry Chan Aug 10, 2019 02:00
July has been one of the pivotal months for the decentralized finance (DeFi) industry, with a total collateral locked value worth around 500 million USD. Competition with InstaDApp has become greater in the Ethereum-DeFi space, large inflows also have been observed from the growing attention regarding stablecoins.
July has been one of the pivotal months for the decentralized finance (DeFi) industry, with a total collateral locked value worth around 500 million USD. Competition with InstaDApp has become greater in the Ethereum-DeFi space, large inflows also have been observed from the growing attention regarding stablecoins.
As more loans will be denominated in USDC rather than DAI, the following release of multi-collateral DAI would probably cease the new dynamics.
Staking
Staking has recently become one of the key elements to monitor retail and institutional attitudes and served as a sign for growing maturity from industry participants. For example, crypto investors are now not only focusing on trading opportunities but also exploring different use-cases for crypto assets.
General market trend, prices of the top cryptos
Showing the top 3 monthly trading volumes for cryptocurrencies on Binance are Bitcoin, Ethereum, and Ripple. Source: Binance
Daily volumes on Binance DEX (USD million)
Source: Binance
Binance DEX becomes the most used decentralized exchange, exhibiting an average daily volume of USD 7.4 million in July, while other Ethereum-based decentralized exchanges show average volumes below USD 1-2 million.
Image via Shutterstock
Image source: Shutterstock
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