Decentralized finance (DeFi) exchanges and tokens are recovering much faster than the bulk of digital assets, which lost over 40% in value last week. DeFi tokens such as Curve, Kyber Network, Terra, HXRO, and more are seeing double-digit gains. On May 23, the DeFi economy’s total total-value lock (TVL) fell to a low of about $50 billion and has since increased by $17.4 billion.
The DeFi economy rises above the rest
DeFi fans are seeing a slight recovery in the economy after several decentralized financial tokens lost their value during the recent market crash. However, the DeFi economy is once again picking up steam as myriad metrics show that the ecosystem is recovering faster than other crypto assets.
Seven-day statistics for decentralized exchanges (DEXs) show that $19 billion was exchanged on DeX applications such as Uniswap, SushiSwap, Curve, 0x Native and Tokenlon.
Dune Analytics statistics Uniswap saw $11.4 billion in trade during the past week, while SushiSwap saw $2.4 billion in exchanges. On the Binance Smart Chain (BSC), the popular DeX platform Pancakeswap has traded $20.4 million in the past 24 hours.
Binance dex has seen $5.4 million in 24-hour volume, while BSC dex apps like Autofarm and Nerve Finance have also seen an increase in trading action. Coinranking.comIts exchange rating shows that Uniswap is ranked 18th out of the top 20 exchanges today.
According to data collected on June 2, the DeFi economy’s TVL has increased by 34.8% since May 23, after DeFi TVL fell to $50 billion and reached $67.4 billion. Defipulse.com Records show that Aave has a dominance ranking of 15.18% as there is $10.2 billion TVL in the lending protocol.
DeFi users have grown exponentially over time as Dune Analytics indicates that there are 2.64 million unique addresses today. Unique DeFi addresses have increased by 124% since December 31, 2020.
Currently, Uniswap is generating the most revenue followed by Sushiswap and Aave. As far as TVL data is concerned, DeFi platforms such as Maker, Compound, Polygon and Curve have jumped 7-12% after Ave.
Top non-fungible token (NFT) markets Opensea and Rarible have seen a significant increase in USD volume in May compared to April. For example, OpenC saw volume increase to $93 million in April and $138 million in May.
Rarible’s volume was slightly higher in April compared to May and Opensea still exceeds Rarible in terms of USD volume. Ribble saw $37 million in April and May, with statistics indicating that the NFT market saw only $22 million.
What do you think about the current state of the Defy ecosystem? Let us know what you think about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons, Dune Analytics, Defipulse.com,
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