DeFi Phenomenon: Trading Activity On Curve Finance Increases 50x In 2 Months
DeFi’s success came as a surprise to many crypto enthusiasts.
DeFi’s success came as a surprise to many crypto enthusiasts. Will smart contracts, open lending protocols, blockchain applications radically change the traditional financial structure and burst into the lives of ordinary people en masse?
Curve Finance decentralized exchange hits new record
The hype around DeFi is gaining momentum every day because the ability to conduct transactions outside of intermediaries in the form of trading exchanges opens up a lot of advantages for the owners of the cryptocurrency. Among the largest players in this area, the Curve Finance decentralized exchange demonstrates record performance. According to a report by Dune Analytics, Curve had a daily turnover of over $60 million in July.
Trading activity on Curve Finance has skyrocketed in the shortest possible time. In June, the daily trading volume on the stock exchange hovered around $ 1 million. Thanks to the active popularization of DeFi in the crypto space, the owners of the digital currency began to actively use the Curve application to conduct transactions. As a result, within 2 months, trading activity on this exchange jumped 50 times.
The extremely high surge in user activity Curve Finance provoked a mixed reaction among the major “players” of the crypto market. Some analysts believe that the ecosystem of such decentralized exchanges has vulnerabilities that need to consider when working with DeFi applications.
Traders have activated
The decentralized asset management model is a tidbit for traders. DEX applications provide the ability to create derivatives, use more accurate data to predict the price movement of a particular cryptocurrency. Another positive news was the announcement by Curve Finance of the launch of its own CRV token, which will participate in the turnover of assets within the platform.
Today, the total weekly earnings on decentralized exchanges (DEX) estimates at $531 million. Curve ranks second behind the Uniswap platform in terms of trading activity, which accounts for 46% of total DEX trading.
Uniswap is also showing record leaps in trade and is in no hurry to give up leadership. On July 28, an all-time high recorded: the volume of trade on Uniswap in 24 hours was $137.6 million.