A surge in transaction volume in the DeFi market saw Ethereum applications record an all-time high transaction volume above $12 billion
Interest in decentralized finance has pushed transaction volume for Ethereum dApps to an all-time high over the past month.
According to DappRadar, the DeFi sector saw massive volumes in July to push the overall dApps market on the Ethereum network past $12 billion. DappRadar notes in its report that DeFi applications accounted for over 90% of the total transaction volume on the Ethereum network.
Compound (48%) Aave (14%) and Curve (14%) saw the most volume in July. Other tokens that have contributed to the upsurge in volume are Balancer, Yearn Finance, mStabe and Uma Project. All these tokens have surged by double-digits over the past week.
DeFi is still a small market compared to the global crypto market. However, soaring interest in the tokens have seen the sector’s overall market cap come close to hitting $9 billion. According to data on CoinGecko, this accounts for about 20.6% of Ethereum’s market cap — currently at around $43.5 billion.
DEX volume also at all-time high
Ethereum-based decentralized exchanges (DEXs) also saw record volumes in July. Data shared by Dune Analytics shows that DEX volumes surged to $4.3 billion this past month. The volume, according to the platform, was three times higher than what was recorded in June. Over the past year, DEX volumes have increased by nearly 1,200%.
The most volume seen was from Uniswap and Curve, popular for their coin swapping platforms. Balancer, DDEX and Kyber Network also recorded a significant surge in trading volume. However, unlike the DeFi category, DEX accounted for only 4% of Ethereum’s transaction volumes.
Ethereum total network fees
Ethereum has also continued to record a spike in network transaction fees. The past week has seen the network average about $2 million in daily transaction fees, with Ethereum recently overtaking Bitcoin.
However, transaction fees have grown at a weekly rate of 28.7% compared to Bitcoin’s 67.4%, suggesting there is a growing demand on the Bitcoin network that could see it surpass Ethereum.
ChainLink has also hit new highs near $10.00 as interest in the decentralized oracles protocol continues to surge.
Ethereum’s ETH token rose to a multi-year high above $400 over the weekend. The cryptocurrency has now corrected by about 2% in the past 24 hours to trade around $388.