Buying and selling quantity on decentralized exchanges, or DEXs, surpassed $11 billion in August as DeFi insanity continues making headlines.
Numbers from evaluation agency Dune Analytics revealed that August trading quantity represented an uptick of 152% month-over-month.
The principle driver behind the skyrocketing DEX quantity is Uniswap, which has develop into a dominant trade over the past couple of months. Uniswap has accounted for $2.eight billion in quantity over the previous seven days and $877 million within the final 24 hours.
This surge in curiosity has boosted different DeFI protocols throughout the previous few days as nicely. Synthetix reached $1 billion in value locked, following different DeFi protocols like Compound and Aave. Synthetix Community Token (SNX) made substantial positive aspects in 2020, hitting an all-time excessive of $7.32 on Aug. 15. It has rallied greater than 400% year-to-date.
Cointelegraph also reported that yEarn Finance’s native token, YFI, has surged greater than 75% up to now 24 hours, attaining a brand new all-time excessive of $38,883 on Binance. The sturdy upside transfer additionally introduced the DeFi token’s market capitalization above $1 billion.