Data shows decentralized finance hit the second quarter but is still booming – Bitcoin News

While decentralized funding took a hit in the second quarter, statistics still show that there is an important movement in these protocols. Data from Messari’s Q2’21 definition review shows decentralized exchanges are busy settling key numbers.

Decentralized finances crushed, but still in operation

The decentralized financial paradigm stormed the market this year, and while it has certainly taken a blow, it is still healthy. According to the numbers from Messari’s Defi-Review report for Q221, there is still significant activity in the decentralized market. Decentralized exchanges, one of the core engines of the ecosystem, still move large amounts of money. These totaled $ 405 billion last quarter, an 83% increase from the $ 221 billion billed in the first quarter.

However, the volume of foreign exchange fell to $ 95 billion in May from $ 203.5 billion in May. The general slowdown in the cryptocurrency market has had a significant impact on the sector. In any case, despite the sharp decline, June was a notable month in the history of the decentralized stock exchanges.

Uniswap V3 launched in the second quarter and became the dominant force in the environment in less than two weeks. Uniswap V3 now handles 40% of the exchanged volumes in decentralized financing. Pancakeswap, the top exchange of the Binance Smart Chain (BSC), follows in third place with declining volumes after the crash in May.

Reach for institutions

Some of the top protocols in the decentralized environment are expanding into institutional markets to extend their reach to more stable businesses. Such is the case with Compound, a leading decentralized exchange, which last month launched Treasury, a product with fixed rewards for companies. Metamask, the wallet of choice for decentralized finance, also launched an initiative last April to capture the segment of institutions that want to try their hand at the Defi ecosystem.

At the current interest rates, each of these institutions can propose a product that offers more returns than conventional financial products. Another decentralized financial protocol, Aave, will also offer Aave Pro later this month to include these institutional actors.

Likewise, Circle, part of the consortium that issues USDC, is going public later this year through a SPAC deal. While Tether still holds most of the stablecoin dominance, USDC became popular with decentralized financial protocols in the last quarter.

What do you think of defi’s performance in the second quarter of 2021? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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