New Volume Statistics From DappRadar Show DeFi Was Underreported
Tokens form a significant part of DeFi volume.
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Decentralized finance and gaming are often mentioned as the two most dominant use cases for public chain dApps. While previously thought to be close, new data suggests DeFi volume had been significantly underreported.
As the oldest and most established smart contract platform on the market, Ethereum has a diverse offering of dApp categories. In addition to gaming, exchanges and other sectors, Ethereum has been the chief beneficiary of the recent DeFi rise, which was believed to be a rapidly growing but still commensurable segment in relation to all the others.
However, new data from DappRadar reveals that usage levels are not even close. Previously, the company only tracked direct ETH volumes, but now it has extended the tracking to all Ethereum-based tokens passing through dApp smart contracts. This revealed a lot of hidden volume for DeFi.
|
DAPP CATEGORY |
SUM of ETH volume 7d in $$$ |
SUM of ETH token volume now being tracked 7d in $$$ |
TOTAL of ETH vol 7d in $$$ |
|
exchanges |
$9,909,580.50 |
$39,994,542.00 |
$49,904,122.50 |
|
gambling |
$7,048,997.65 |
$311,466.00 |
$7,360,463.65 |
|
high-risk |
$784,159.50 |
$2,703.00 |
$786,862.50 |
|
games |
$178,234.55 |
$87,074.00 |
$265,308.55 |
|
marketplaces |
$136,115.60 |
$1,226.00 |
$137,341.60 |
|
collectibles |
$2,623.30 |
$0.00 |
$2,623.30 |
|
other |
$8,974,538.70 |
$33,545,138.00 |
$42,519,676.70 |
|
Total |
$27,034,249.80 |
$73,942,149.00 |
$100,976,398.80 |
Data provided by DappRadar.com
Counting gaming as an aggregate of DappRadar’s “games,” “gambling” and “collectibles” sections, the total volume amounted to slightly more than seven million. This seemed respectably close to DeFi, which formed the majority of the “other” category. But token volumes form a significant part of the DeFi offering.
For example, a popular lending platform like dYdX has a seven-day ETH volume of $5,177,034, while the corresponding volume in tokens amounts to $11,599,264 — more than two thirds of the total. For some applications like Oasis Trade, all of the seven-day volume ($15,167,557) appears under Ethereum tokens.
So, while under the old methodology gaming was a close second, with new data it is not even close.
Moreover, while many consider DEXs to be the source of Ethereum’s on-chain activity, adding token data reveals that staking-based DeFi applications deserve just as much credit.
|
DApp Category |
DApp |
ETH volume 7d |
ETH volume 7d in $$$ |
Token volume 7d in $$$ |
Total vol 7d in $$$ |
|
exchanges |
ForkDelta |
4207.72 |
$778,428.20 |
$16,848,805.00 |
$17,627,233.20 |
|
other |
dYdX |
27983.97 |
$5,177,034.45 |
$11,599,264.00 |
$16,776,298.45 |
|
exchanges |
Oasis Trade |
0 |
$0.00 |
$15,167,557.00 |
$15,167,557.00 |
|
other |
MakerDAO |
18308.89 |
$3,387,144.65 |
$11,551,749.00 |
$14,938,893.65 |
|
other |
Fulcrum |
1307.72 |
$241,928.20 |
$4,580,291.00 |
$4,822,219.20 |
|
other |
Token Multisender |
189.4 |
$35,039.00 |
$3,768,227.00 |
$3,803,266.00 |
|
exchanges |
Uniswap |
8795.03 |
$1,627,080.55 |
$1,976,485.00 |
$3,603,565.55 |
|
exchanges |
Kyber |
9937.85 |
$1,838,502.25 |
$1,485,842.00 |
$3,324,344.25 |
|
gambling |
dice2.win |
11790.99 |
$2,181,333.15 |
$0.00 |
$2,181,333.15 |
|
exchanges |
IDEX |
5645.83 |
$1,044,478.55 |
$1,124,797.00 |
$2,169,275.55 |
Data provided by DappRadar.com
Among the top 10 projects by total seven-day volume are dYdX, MakerDAO, Fulcrum and Uniswap. Compared with the rankings for coins locked in DeFi applications, the pattern becomes clear.
Rankings from DeFipulse.com
It appears that decentralized finance products are quite popular. With expanded volume tracking, DappRadar can now corroborate what locked assets data has been suggesting for some time.
With DeFi having a bit of a resurgence, it is important to see that fundamental data validates the trend. Having learned the lessons of the previous hype cycles, it is critical to back optimism with the corresponding numbers.
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