It’s no secret that Decentralized Finance (DeFi) has taken the crypto space by storm. In the last month alone, it has seen a meteoric rise, creating tons of opportunities for investors everywhere. With many DeFi protocols now competing for users’ attention, it’s important to stay in-the-know about the latest and greatest news-worthy developments. Here’s a quick rundown of what’s been happening lately:
In the past month, Ethereum’s decentralized exchange (DEX) Uniswap has become an unstoppable force – it’s now valued at nearly $2 billion, up from just $500,000 in mid-June. This rapid growth has made Uniswap the most popular DEX protocol and has spurned the development of a host of other DEX’s in a bid to compete.
On the lending side, Compound has seen wild success, becoming a leading DeFi protocol since launching barely six months ago. In July, a sharp spike in COMP token prices sent its total asset value to over $1.2 billion – making it the largest DeFi protocol overall.
The launch of Balancer’s automated market maker (AMM) protocol has also been a major milestone for the DeFi space. In its first week, Balancer’s liquidity pool surpassed $10 million in assets, which is an incredibly impressive feat.
Lastly, Aave released its second version, Aave V2, allowing users to mortgage assets and earn interest on borrowed tokens. Aave V2 currently has over 4,000 users, who have deposited more than $19 million in the protocol and earned over $3 million in lending fees.
It’s clear from these recent developments that Decentralized Finance is here to stay. Money keeps pouring into the space and this influx is creating unprecedented opportunities for investors to diversify their portfolios and take advantage of the new and improved DeFi protocols available.
It’s been an incredible month for the DeFi sector, and with all these groundbreaking advances, it’s hard to know what will happen next. Keeping your finger on the pulse of DeFi developments is essential if you want to stay ahead of the game and make the most of what the space has to offer. Follow us to stay up to date with all the news, trends, and developments in the dynamic world of DeFi.