Ethereum transaction volume surpasses $12 billion amid DeFi boom

Ethereum transaction volume surpasses $12 billion amid DeFi boom
Written by:
Ben Gabriel
6th August, 23:02
Updated: 7th August, 02:08
  • Ethereum (ETH) volume jumps to an all-time high due to yield farming hype and token governance release.
  • The high cost of Ethereum gas radically reduced the active number of wallets.
  • Ethereum will surge even higher amid the Ethereum 2.0 release.

According to the DappRadar report, Ethereum (ETH) noticed an all-time high after the downtrend cryptocurrency has been stuck in. 

However, the latest uptrend has propelled ETH/USD demand and it is making up for all the losses Ethereum incurred last year. As per the Glassnode, almost 90% of the ETH wallets are now in profits.

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Amid the liquidity pump, Ethereum is converting the previous losses into the latest gains. Investors believe that ETH is on the road to $500 in the near term. ETH noticed a 30% price movement in 15 minutes after the price rejection from $412.

DeFi pushes Ethereum to rise

DappRadar, a decentralised Dapp insights provider, revealed that transaction volume on the Ethereum network noticed an all-time high in July 2020. The report also indicates that almost 92% of the transactions are comprised of DeFi. Earlier in July, DeFi set a record by reaching the market capitalisation of over $9 billion.

The report revealed: 

“Ethereum faced all-time high results in regards to value. Of course, The Ethereum DeFi category was the biggest driver behind this. Accounting for around 95% of the total value created on the chain. The biggest contributors to the category were Compound, Aave, and Curve in July 2020. They generated 48%, 14%, and 14% of transaction volumes respectively.”

Furthermore, DappRadar disclosed that decentralised exchanges contributing to the growth of Ethereum are negligible. “Decentralized exchanges account for only 4% of total transaction volumes” the DappRadar report indicated.

It is highly unlikely to predict how long the cryptocurrency industry will follow this uptrend. However, the famous crypto-personalities are encouraging global investors to invest in cryptocurrencies. Tyler Winklevoss, the CEO of Gemini, and a prominent crypto personality said that he wants to invest in ETH and buy all bitcoins. The second-largest cryptocurrency, and the king of altcoins, Ethereum is following an intense behavior.

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