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DeFi Continue Skyrocketing Throughout August

DeFi Continue Skyrocketing Throughout August

The decentralized finance (DeFi) market has recorded a new all-time high this month in terms of monthly users, on top of breaking past the $8.9 billion total value locked (TVL) territory.

This stellar performance can be due to the things that are happening in the DeFi space. Last week,  lending protocol Aave climbed  its way to the number one spot in terms of total value TVL. The platform has successfully locked a total amount of $1.71 billion, leaving Maker and Balancer in the second and third place, respectively.

Additionally, the DeFi space has hit another achievement in terms of the number of DeFi investors. In a tweet from Seb Audet, founder of Zapper.fi, the number of DeFi users has skyrocketed August.

Source: Seb Audet Twitter
Source: Seb Audet Twitter

As the above chart shows, the number of active users in July did not even break the ceiling of 100k. However, upon entering the month of August, the number spiked to up to almost 300k, a record-breaker in the DeFi space.

These achievements in the DeFi space prompted mixed thoughts and opinions from the DeFi community. Some say that only the whales are capable of transacting in the DeFi space due to the high ETH gas fees in the event of a network congestion.

But the figure above debunks the said assumption, proving the the growth of the DeFi market is a combined effort of both whales and retail users.

Regardless, the total TVL of the DeFi market as of this writing amounts to $8.95 billion, another all-time high. The growth is so phenomenal that staple cryptocurrencies like Bitcoin are being outshined in terms of market performance.

Read Also: YFI Token Reaches $37k, Beats Bitcoin’s All-Time High

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.