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A Q3 DeFi report by DappRadar published on October 7 offers some interesting insights into the state of DeFi, including some figures on the dominance of Ethereum (ETH) in the space.
- The major highlight from DappRadar’s report is that 96% of the $123+ billion of DeFi volume in Q3 2020 has occurred on Ethereum
- The report also highlights a 380% increase in the total value locked into defi between Q2 and Q3 2020
- The vast majority of transactions have occurred on Uniswap, MakerDAO and Curve Finance
- Other key takeaways include the fact that 97% of all daily activity occurs on the Ethereum, EOS and TRON blockchain, with the rest occurring on IOST, Ontology, NEO, and others
- Uniswap, Sushiswap, Balancer, and Compound Finance are responsible for 56% of Ethereum’s daily wallet activity
- Even with the dominance of the bigger blockchains, IOST, Ontology and NEO have seen strong growth of 357%, 1,589%, and 840% in daily wallet activity respectively
- DeFi dapps have also generated a total of $59 million in revenue from fees
