In a recent report by Genesis Digital, the leading cryptocurrency trading, lending, and custody desk has appraised Ethereum and DeFi, confirming their emerging role in the industry. The report also confirms crypto growing institutional interest despite its losses in the year.
The Genesis Q2 report confirmed the significant role of Ether and DeFi tokens on the market. It also sees that much of the interest in the currencies are tapped from the flagship crypto-asset, Bitcoin.
While speaking on this, Matt Ballensweig, Head of Institutional Lending at Genesis, analyzed how Ethereum and DeFi impact BTC market dominance.
Genesis report noted that Bitcoin accounted for 47 percent of the trading volume on its platform in Q2, 2021, against 80 percent record Q2 2020. As this marks a decline, all market losses shifted focus and attention to Ether, which accounted for 25 percent of trading volume on the platform at the time.
Interestingly, DeFi tokens such as Uni, Sushi, AAVE, and other Ether-based DeFi protocols saw massive institutional demand at the time. Even Solana and Binance tokens labelled as ‘Ethereum Killer’ receive much interest from investors.
Per the report, Genesis experienced an increased lending activity. Its loan originations increased by 700 percent (YoY) and 60 year (QoQ). The quarter record marks the company’s continual achievement.