After the recent market rout, it appears that Decentralized Finance (DeFi) applications including exchanges and tokens are pulling up faster. Other virtual currencies that plummeted 40 percent and above in value last week are yet to recover. The metric indicators pointing to the recovery are helping DeFi users see the new development.
The decentralized economy lost value significantly after the recent market turmoil. DeFi’s total value locked (TVL) aggregate ran down to about $50 billion earlier, however it has added another $17.4 billion. Several tokens including Terra, Hxro, Curve and Kyber have seen remarkable recovery in dual digits.
The DeFi economy has grown by 34 percent with Aave dominating with a 15.18 percent ranking as the lending protocol raked a $10.2 billion TVL. Over $19 billion has been swappen on Decentralized Exchanges (DEX) in a seven-day period. Curve, Sushiswap, Tokenlom, Uniswap and OX Native contributed greatly.
According to statistics from Dune Analytics, trades on the Uniswap protocol hit $11.4 billion while that of Sushiswap was $2.4 billion. BSC based DEX, Pancakeswap crushed $20.4 million in the past day. Binance DEX performed well at $5.4 million in 24 hours. DeFi users have grown exponentially too, as at today, there are over 2.64 million unique addresses which is a 124 percent growth from Q4 of 2020.
NFT Holds Impressive Stats
Non-Fungible Tokens did join the growing party as well. Leading NFT markets like Rarible and Opensea have peaked up as well in USD volumes. This growth can’t be compared with its April volume.
Opensea supersedes Rarible’s USD volume as it currently stands at $138 million. The USD volume of Rarible’s market did spike in April but declined in May. The Rarible NFT market towered in April with a $37 million volume but decreased to $22 million in May.