DappRadar, which analyzes decentralized applications (dApps), announced in a report that the developing DeFi sector has contributed $ 223 billion to the volume of Ethereum. Contributing to this high volume, dapps were said to be responsible for 87% of Ethereum trading volume.
DappRadar, in its report on the sector, showed that DeFi platforms contribute $ 223 billion to Ethereum volume. The analytics company noted that 2020 is a very important year for the blockchain sector, noting that the volume of DApps transactions exceeds $ 270 billion. The Ethereum DeFi ecosystem accounts for 95% of this volume.
According to the report, 424 (32%) of the 1,352 new DApp introduced in 2020 are running on the Ethereum blockchain network.
DeFi dapps add $ 223 billion to ETH
DappRadar’s analysis of decentralized applications showed that DeFi applications in the top 10 contributed $ 223 billion to Ethereum trading volume. This amounts to 87% of the total trading volume.
However, it was noted that TVL (total cryptocurrency locked) and aTVL (TVL value indicating actual growth/downsizing) seen in the ETH DeFi ecosystem were the main factors that reached an all-time high. The amount of locked cryptocurrencies mentioned in the DeFi ecosystem was $ 13 billion, and the value of aTVL was $ 11 billion.
Finally, DappRadar said in the report that Ethereum had maintained its lead over the year. At the same time, strong competitors have emerged who want to dethrone ETH, but the ETH 2.0 update has been a big help in maintaining its position. It was also emphasized that the new update is also of great importance to keep Ethereum alive.