The Decentralized Finance (DeFi) market is growing and moving forward. Virtual currencies are expanding and the DeFi market is using this opportunity to reach a larger number of users. Although many altcoins reached new lows in 2019, decentralized finance solutions and projects continued to show their potentialities. DeFi Market Reached New Records In 2019.
While 2017 and the beginning of 2018 were very good times for Initial Coin Offerings (ICOs), the second part of 2018 and the whole 2019 shown good results for DeFi products and projects. Indeed, the industry registered an increase in the number of users and a great return for investors.
According to a recent report released by Binance Research, DeFi became one of the critical growth areas for Ethereum since 2019. Decentralized Exchanges (DEX) are playing a leading role for DeFi. They are currently gathering 90% of all the users in the DeFi space.
It is worth mentioning that the number of projects that handled more than 50 daily active users has almost doubled in 2019, showing the industry is building new products and establishing new services.
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The report released by Binance reads as follows:
“Decentralized exchanges ‘2.0’ also picked up in volume. Uniswap was used by more than 19k users, exhibiting a total annual volume of $390 million. Similarly, Kyber was used by more than 35K users and displayed a yearly volume of $387 million.”
For 2020, Binance believes that there are going to be new developments on Ethereum-based DeFi solutions. At the same time, staking could become a fundamental pillar of the whole market. Finally, Alt-DeFi could also gain momentum this year with solutions related to cross-chain interoperability.
Until now, MakerDAO has been the largest and most popular DeFi application in the market with $388.2 million of USD locked in ETH and a growth of 1.9% in the last 24 hours. Compound and Synthethix are also very large DeFi services providers that are already offering services to users and enthusiasts in the market. coinspace.com