Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi

Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi

Shiba Inu enthusiasts have also made a petition to get the SHIB token listed on Robinhood, which has gained 200,952 signatures so far.

The latest coin leading the crypto market is Shiba Inu (SHIB).

Up more than 240% in the past 7-days, the SHIB token is currently trading at $0.00002380. Even more exciting is that from its low in late November, SHIB is up a whopping 41,673,167%.

Despite the recent gains, the funding rate on SHIB perpetual contracts is still negative, as per Bybt, which gives hope to an extension of this uptrend.

Just five months back, SHIB had made a new all-time high of $0.00003791 and is currently down 38% from this peak.

Much like in May, the volumes for the crypto asset are seeing a big spike for the last couple of days.

Additionally, much of this trading activity is actually happening on the biggest cryptocurrency exchanges, namely Binance, Coinbase, and Huobi. According to CoinGecko, in the past 24 hours, Binance had recorded $4.2 billion, Coinbase $1.85 billion, and $1.13 billion on Huobi in SHIB volume.

Interestingly, on Coinbase, SHIB is doing more volume than Bitcoin right now. 30.32% of Coinbase’s total volume is currently coming from SHIB against USD and USDT, while Bitcoin, Ethereum, Solana, and Dogecoin account for 18.19%, nearly 12%, 5.22%, and over 4%, respectively.

It was only about last month that Shiba Inu was made available on Coinbase.com and in its Android and iOS apps.

The same as Coinbase, SHIB is leading the activity on Binance as well by accounting for 13.60% of its total volume, with Bitcoin coming in second at less than 10%. Similarly, about 17% of Huobi’s volume is from SHIB/USDT.

There is also a petition to get the SHIB token listed on Robinhood, which has gained 200,952 signatures so far. The petition reads,

“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential.”

With Robinhood having 18 million accounts and the original meme coin DOGE already a success on the platform, such a listing is not only a lucrative opportunity for SHIB holders but also for the online brokerage company.

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Author: AnTy

South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps

SRM is currently the second most traded crypto on one of the biggest South Korean exchanges, Upbit, after Dogecoin. It is also trading at a premium on both Upbit and Bithumb, the latter also announcing the listing of SOL.

While Bitcoin and Ether are taking a breather under $45,000 and $3,000, respectively, other altcoins are busy pumping.

This especially holds for Ethereum (ETH) competitor Solana (SOL) and other coins in its ecosystem that have been pumping like crazy.

After months of ‘Solana Summer’ chanting by the SOL enthusiasts, finally, it is having a blast. Up 182% in the last 30-days, SOL is currently trading just above $70, having hit a new ATH at $80.12, according to CoinMarketCap on Wednesday.

SOL’s year-to-date gains currently stand at a whopping 3,706%, among the highest in the crypto space.

Amidst this uptrend, one of the biggest South Korean exchanges, Bithumb, announced the listing of SOL against KRW and BTC.

With SOL on an uptrend, decentralized exchange Serum built on Solana is also up 192% in the last 30-days. But trading at $7.87, SRM is still down 39.5% from its ATH four months back and has recorded only about 600% returns YTD.

This week, Huobi Global announced the listing of SRM against USDT and BTC.

SRM is currently the second most traded crypto on the biggest South Korean exchange, Upbit, after Dogecoin. Bitcoin doesn’t come until the 4th spot and Ether until the 9th as Koreans choose altcoins over the top coins.

SRM is currency trading at $8.28 on Upbit, while on Binance, it’s at $7.89, representing a kimchi premium of nearly 5%, according to Coinmarketcap.

While on Bithumb, which is listing SOL today, SRM is not among the top 10 most traded crypto assets but falls at the lower end of the top 20 and is also trading at a premium at $8.22.

“If the Koreans love SRM that much they’re gonna fucking love SOL,” tweeted trader @SmartContracter

South Koreans are simply busy trading XRP, DOGE, LUNA, ADA, ETC, AXS, and EOS.

AUDIO of Solana-based Audius streaming protocol has gone up over 110% in just a week after its partnership with TikTok.

Other Solana-based projects that are up in triple-digits in the last 30-days are COPE, Raydium (RAY), Bonafide (FIDA), MAPS, and Step Finance (STEP).

Besides SOL and the tokens in its ecosystem, another DeFi platform with a focus on stablecoins and with the backing of A-list investors such as Andreessen Horowitz and Galaxy Digital that is growing in value is Terra (LUNA), up over 100% in the past two weeks, hitting a new ATH today $33.22 and currently trading at just above $29.

LUNA’s YTD gains stand at 4,418%, nearing Dogecoin’s 5,163% gains which is yet again pumping as Dogecoin Foundation returns with its board of directors, including Ethereum co-founder Vitalik Buterin and Jared Birchall, manager of Elon’s family office, but is still down 59% from its ATH.

Currently, above $2, another Ethereum competitor Cardano (ADA), is also just less than 15% away from its ATH. Arweave (AR), Avalanche (AVAX), Thorchain (RUNE), and XRP have also enjoyed almost triple-digit gains in the last 30 days.

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Author: AnTy

Even JPMorgan Has Turned Bullish, Now Saying “The Previous Phase Of Demand Weakness Is Over”

“Significant impulse” seen in the futures as a sharp rebound of crypto “caught most investors by surprise,” more so on ETH, whose OI on CME has hit a new peak in USD, all the while on the back of low leverage. At the same time, the long USD continues to soar to new highs.

Bitcoin and Ether are recovering spectacularly from the losses recorded in the second half of May, the entire June, and much of July.

August is finally looking good after nearly three months of red, with BTC almost touching $48,000 on Friday and Ether climbing to $3,330. The total crypto market cap aims for $2.1 trillion, now closer to the $2.55 trillion peak from mid-May.

Interestingly, just like crypto-assets rallied into the end of 2020 to the 2017 ATHs, this time, prices are slowly moving towards their 2021 peaks without the high leverage. FRNT Financial CEO Stephane Ouellette said in an interview,

“Typically, we look at that as more of a strong-handed rally, which implies that the leverage portion of the rally comes later.”

“If that is the case, those $100,000 targets are very reasonable, I’d suggest. The last time we saw a move of this little leverage, we were pointing towards $20,000, and we didn’t really see the leverage come into the market in an aggressive way until we got to $40,000, which took us to $65,000.”

On Binance, BTC’s annualized daily basis is currently 3.56%, down from 41.4% in mid-April, which was a mere 0.2% in late March just before its peak. As of writing, the highest Bitcoin funding rate is 0.0240% on FTX while keeping around 0.1% on the majority of the crypto exchanges, as per Bybt.

As for ETH, it’s 3.72% (7DMA, APY), while in February, it was above 50% on Binance compared to 131% on Bybit and 113.7% on BitMEX. Currently, it is 21% on BitMEX and 3.72% on Bybit.

All the while, open interest on futures continues to climb; on Bitcoin contracts, it is $16.72 bln back to May levels. This OI is up 57.4% from the late June low and still down 39.6% from the April high.

As for Ether, OI is currently sitting at just above $9 bln, up 104% from late June low but down 22% from May high.

On CME, OI on Bitcoin futures is $1.71 bln, down from a $3.26 high on Feb. 21 but up from $1.14 bln on July 1st — accounting for 10.23% of the market share. Unlike BTC, on Eth futures, OI on CME has surpassed the May 14 peak of $607.88 mln to reach $648.5 mln — accounting for a 7.02% market share.

Traders on CME are also closing their short positions, which have hit their smallest since mid-May. Bitcoin net shorts have fallen to 1,104 contracts from 1,290 in the previous week.

Amidst this, US dollar net longs rose again to reach their highest level, $3.08 billion, since early March last year. US dollar positioning has been net long for four weeks in a row now after staying net short for 16 months. JPMorgan strategist Nick Panigirtzoglou wrote in his latest crypto report,

“There are clear signs of demand improvement in futures markets pointing to rising institutional demand for crypto. Momentum traders such as CTAs have likely amplified recent crypto price moves as the shorter lookback period momentum signals shifted from negative to positive territory for both bitcoin and ethereum. Typically this is when momentum traders’ impact is mostly felt as they are forced to exit short positions and start building up long positions.”

According to the strategist, the institutional buying of crypto has reversed and spiked after several months of muted activity.

This is because “the sharp rebound of crypto markets over the past three weeks caught most investors by surprise,” wrote Panigirtzoglou.

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JPM now sees a “significant impulse” in the futures. They have now come around on backwardation as well, which they previously saw as a bearish signal. Back in early June, in contrast, trader CL of eGirl Capital had said that longing BTC every time it’s in backwardation has resulted in significant profits.

Now JPM is also arguing “that the previous phase of demand weakness is over.”

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Author: AnTy

Coca-Cola to Launch First NFT on OpenSea on Friendship Day to Benefit the Special Olympics

Coca-Cola to Launch First NFT on OpenSea on Friendship Day to Benefit the Special Olympics

Coca-Cola, one of the most popular beverage companies in the world, has announced that it will launch a non-fungible token (NFT).

In a press release shared earlier today, the Atlanta-based beverage conglomerate confirmed that it had partnered with developer Tafi to launch branded virtual wearables as NFTs. The tokens will represent different items, and they will be available on multiple blockchain-powered platforms.

NFTs for a Good Cause

The upcoming launch will be Coca-Cola’s first foray into NFTs. It also marks yet another big brand working with these tokens to grow their reach. With the beverage company looking to celebrate International Friendship Day with the NFT, all proceeds coming from the sale will go to the Special Olympics.

Explaining the NFT drop, Coca-Cola explained that the collection would feature four separate pieces and feature multi-sensory NFTs housed inside a Friendship Box. the box itself will be an NFT too. The NFT will be auctioned off, and the winning bidder will get additional unique surprises when they digitally open it.

Another unique feature of the NFT launch is that the assets can be worn within Decentraland – a blockchain-powered 3D virtual reality world. Coca-Cola also said that it would host a “Rooftop Party” on Decentraland to celebrate the NFT launch.

Coca-Cola Deepens Crypto and Blockchain Ties

While this is a milestone for Coca-Cola, it’s not their first foray into the blockchain and crypto industry. In November 2019, Business Insider reported that Coke One North America (CONA), the company that handles IT operations for Coca-Cola, used a blockchain solution to manage its supply chain.

Per the report, CONA managed a platform to oversee different franchises that manufacture, bottle, and ship about 160,000 Coca-Cola product orders daily. The technology could help improve cross-company transaction processes and transactions, allowing the bottling operation to move along more rapidly.

Andrei Semenov, senior manager at CONA, told Business Insider that the company expected to use blockchain to reduce order reconciliation durations from 50 days to just a few days. With an inter-company, transparent blockchain platform, CONA will get real-time insights into all bottlers’ transactions, which generate up to $21 billion in annual revenues.

Last year, Amatil X, Coca-Cola Amatil’s corporate venture platform, also announced an investment into Centrepay – a digital asset and payment service provider. Amatil, one of the largest Coca-Cola bottlers in the world, had built a corporate partnership with Centrepay at the time that allowed users to make crypto payments at any of its 2,000+ vending machines across New Zealand and Australia.

With the investment, Centrepay claimed that it would expand its service range t include Epay gift cards, contactless fiat, and vouchers.

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Author: Jimmy Aki

Bitcoin Miner Crusoe Energy Eyes Expansion Play, Seeks Outside Investment

The mining space is fast becoming the most vibrant part of the crypto industry. With difficulty dropping and the landscape undergoing a fundamental change, several companies are looking to capitalize.

Crusoe Energy Systems Inc, a data center operator, based out of Colorado, is seeking a loan facility to expand the company’s Bitcoin mining business, Bloomberg reports.

Earlier this week, reports confirmed that Crusoe Energy Systems Inc – a data center operator based out of Colorado – is seeking investors to help expand the firm’s Bitcoin mining business.

Upscaling on the Clock

Citing people with knowledge on the matter, Bloomberg reported that Crusoe had set a target of $10 million to $125 million. The loan facility will be backed by the company’s mining and generation equipment, although new details could change the deal’s terms.

Crusoe leverages excess natural gas from oil and gas companies to power crypto mining operations.

Per the Bloomberg report, Crusoe is also working with New York-based investment management firm Ducera Partners LLC.

If successful, the capital raise will make it two financing deals signed in a year.

Crusoe closed $128 million in equity financing back in April, with Chicago-based investment firm Valor Equity Partners leading the round. Other participants included Coinbase Capital, Bain Capital Ventures, and Winklevoss Capital.

Off to the Races for Mining Companies

Mining has been especially vibrant so far, following a sweeping bank from China on all operations.

The country, which held as much as 65 percent of the global mining hashrate, essentially outlawed Bitcoin mining in the first half of the year.

The decision led to a massive exodus of miners from the country and an opportunity for other countries and mining companies to pick up the slack.

Official data shows that the Bitcoin mining difficulty has dropped for four successive weeks. Mining difficulty is now the lowest it’s been in months, and companies understand that scaling up their operations will help them capitalize on the situation.

Crusoe Energy isn’t the only company looking to make moves. Several mining companies have expanded their operations as they look to grow quickly.

Last week, British mining firm Argo Blockchain announced that it had begun filing for an Initial Public Offering (IPO) in the United States. In a tweet, the company explained that it had filed with the Securities and Exchange Commission (SEC), proposing a dual listing with the London Stock Exchange (LSE).

Argo has been listed on the LSE since 2018. Depending on the SEC’s timing and approval process, the Argo IPO could happen in the third quarter of this year.

On the same day, Core Scientific, one of North America’s largest Bitcoin mining operators, announced that it would be listed on the NASDAQ exchange. CNBC reported that Core had inked a merger with Power & Digital Infrastructure Acquisition Group – a special-purpose acquisition company (SPAC). The deal, which is valued at $4.3 billion, will pave the way for an easier listing for Core.

For now, details like a trading ticker and the start of trading are still unknown. Core is now set to join the ranks of publicly traded mining companies like Riot Blockchain and Marathon Digital.

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Author: Jimmy Aki

Miami Beach’s Most Expensive Penthouse Sold for $22.5 Million in Cryptocurrency

Miami Beach’s Most Expensive Penthouse Sold for $22.5 Million in Cryptocurrency

“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” said the developers of the property.

  • A multi-million dollar penthouse in Miami Beach, Florida, has been bought by an anonymous buyer in cryptocurrency.
  • This marks the world’s record for the most expensive real estate deal in cryptocurrency.

According to a report by Forbes, the Miami Beach property sale conducted on May 27 was the most expensive one at $4,440.50/SF. The identity of the buyer and the type of cryptocurrency used to make the purchase haven’t been revealed, as per confidentiality agreements. Arte’s co-developer, Alex Sapir, told Forbes in an interview,

“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties.”

The deal was closed in less than 10 days, setting yet another record in the finalization of a deal. In under two weeks after announcing in mid-May that the property accepts crypto as payment, it received half a dozen offers.

Located on the 9th floor Lower Penthouse at Arte, it was bought all cash paid for entirely in cryptocurrency, making it the most expensive known residential crypto real estate transaction in the US to date.

The full-floor penthouse, designed by Antonio Citterio, boasts four bedrooms, four bathrooms, and a 2,960-square-foot terrace with oceanfront views. Giovanni Fasciano, another co-developer of Arte said,

“Cryptocurrency is the future of wealth, and we believe this is only the beginning.”

“Embracing cryptocurrency is the first step toward transforming Miami into the cryptocurrency capital that Major Suarez is envisioning.”

On being asked if he is personally investing in or using crypto, Sapir said,

“We believe in the cryptocurrency industry and think that it will be the creator of the world’s next generation of billionaires. Therefore, it’s only natural that we ourselves would be invested as well.”

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Author: AnTy

Beeple is the 3rd Most Valuable Living Artist by Selling his NFT for a Whopping $69 Million

Beeple is the 3rd Most Valuable Living Artist by Selling his NFT for a Whopping $69 Million

This is just the beginning. Meanwhile, Barry Silbert of DCG has offered to build a gallery for the unknown buyer of the artwork to display for everybody to see and enjoy.

The first NFT (non-fungible token) to be sold at an auction house, Christie’s fetched an eye-popping $69.3 million.

The digital artwork was ‘Everdays: The First 5,000 Days’ by Beeple, who became the third most valuable living artist after a sculpture by Jeff Koons and a painting by David Hockney. But those two top artworks were sold by collectors, and the artists didn’t get a cent.

The NFT was sold for $60.25 million, without the buyers’ premium, which also broke the record of an NFT piece.

And if you are trying to understand why such a hefty price, “Art has never been rational. Never will be.”

While initially, the mainstream media reported Tron cryptocurrency founder Justin Sun to be the owner of it with his $60.25 million bid, later he took to Twitter to clarify that he was actually outbid by a mere 0.3% of the total price at the last minute.

Reportedly, his bid was costing him $69 million in fees. As the auction house announced last month, Christie’s accepted cryptocurrency Ether for the sales of the NFT for the first time. While the buyer’s premium had to be paid in fiat currency, it was changed later to Ether as well.

Also, Sun said updated his bid to $70 million but wasn’t accepted by the system despite there being 20 seconds left.

“To avoid these types of disputes in the future, ALL bids should be transparent & utilizing blockchain technology would satisfy this requirement,” said Sun and offered his assistance to incorporate blockchain technology into Christie’s system.

The artwork made by artist Mike Winkelmann, who goes by the name Beeple has been in the works since 2013. A mosaic of every image the artist had for the last 8 years is attached to an NFT, basically a digital certificate of authenticity.

Barry Silbert, founder, and CEO of Digital Currency Group (DCG) offered to build a gallery in Decentraland for the unknown buyer to display their new piece of art for everybody to see and enjoy. “You can even create fractional interests in the NFT via NIFTEX to sell to the crowd,” he said.

The bidding for the artwork started at $100 on Feb. 25, which was pushed to $1 million by about 20 bidders.

“The first day of bidding was one of the most magical events in my auction career,” says Noah Davis, a specialist at Christie’s who organized the sale. “I’ve never seen anything like it.”

According to the oldest auction house, the final minutes of the sales were closest to the bidding for a work by Leonardo Da Vinci; the last minute extended bidding, which pushed its price to $450 million in 2017.

But this is just the beginning, as per Davis, who said, “I think we will have really compelling and exciting NFT-based art opportunities at Christie’s in the near future.”

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Author: AnTy

Dogecoin Beats Bitcoin by Becoming the Most Tweeted Crypto Ever as Mia Khalifa Buys the Top

Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top

This week on Thursday, Dogecoin became the most tweeted cryptocurrency, beating even Bitcoin’s records set on Jan 2nd, 2021 and Dec. 22nd, 2017, after Wall Street Bets pushed the prices of DOGE to past $0.08. DOGE -46.45% Dogecoin / USD DOGEUSD $ 0.03
-$0.01-46.45%
Volume 8.48 b Change -$0.01 Open $0.03 Circulating 128.16 b Market Cap 3.67 b
8 h Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top 8 h Bitcoin Market Looking for New Lows After Elon Musk’s Pump & Dump 1 d Crypto Industry Capitalizing on Wall Street’s Losses Big Time, And Getting Rewarded

With more than a 1,000% increase in the cryptocurrency’s prices, everyone jumped on the meme coin that saw over 100k tweets from more than 50k unique (non-bot) Twitter accounts, as per data source The Tie.

During the run-up, a 1,939% increase in Twitter volume and a 1,650% increase in trading activity was registered.

The trading activity was so high that, briefly, DOGE did more than double the volume than the leading cryptocurrency.

This recent price boom shows that “the crypto market remains strongly sentiment driven.”

And the pump and dump seem to be in effect as the price of DOGE is already down 55% from its recent highs and currently trading around $0.038.

But unlike the traditional market, there are no hedge funds that are short-selling the cryptocurrency; rather, the late-comers are the ones left holding the bag. Mia Khalifa is one of the bagholders who literally bought the top on DOGE as she tweeted on Thursday, “Okay I caved and bought the dog stocks.”

The Reddit trading group WallStreetBets along with SatoshiStreetBets were looking to pump DOGE to the moon with $1 as the target. Still, those who have been holding their Shiba Inu-themed coins bags for a long time took this as an opportunity to make some profits finally.

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Author: AnTy

Crypto Finds Solidarity with Reddit Degens Winning the GameStop (GME) Battle Against Wall Street

More Affirmation for Bitcoin & DeFi

If anyone can most relate to the chart of GameStop (GME) share prices, it is the crypto market.

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The cryptocurrency market can point to many charts where crypto assets have pumped to the moon, sometimes without any rhyme or reason when it comes to certain coins, and dumped just as hard in a very short time period.

While it usually happens when retail is involved, this time, institutions also jumped in on Bitcoin as an inflation hedge, a store of value, a safe haven, and an asset whose performance beats traditional asset classes.

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When it comes to GameStop, its share prices are currently trading at $380, up from yesterday’s closing price of $147.98. At the beginning of this month, GME shares were worth just $17. This represents a surge of 2,135% in just 26 days.

Interestingly, crypto-friendly Elon Musk and Bitcoiner Chamath Palihapitiya also contributed to this monster rally when they tweeted about the NYSE listed video game retailer.

Palihapitiya, the CEO of Social Capital, shared with his Twitter followers that he bought February call options of the stock.

“Bought some YOLO calls on GME,” he again tweeted today.

The Reddit page shared by Musk, r/wallstreetbets, has 2.8 million subscribers and has been pumping the stock prices, betting against the short-sellers, which are hedge funds’.

One of the subreddit posts calls this “A tug of war between tradition and the future.”

“This affects every single one of you, whether or not you’re holding $GME. TLDR: Fuck hedge funds. This is a crosspoint into the future.”

“We can remain retards longer than they can remain solvent,” reads another one.

The notable victim of this has been Citron Research’s Andrew Left and Michael Burry of Big Short Fame who are forced to close their positions.

In the light of this, Nasdaq chief Adena Friedman said on Wednesday that regulators and exchanges need to pay attention to the potential “pump and dump” driven by social media chatter.

However, GME is not the only one that has got the attention of Reddit; AMC Entertainment and BlackBerry are also their YOLO favorites.

The Crypto industry, meanwhile, is applauding this move. Derivatives platform FTX also jumped in and listed GME stocks today.

According to SkyBridge Capital co-founder Anthony Scaramucci, the retail traders winning the battle is a positive for Bitcoin as he said,

“The activity in GameStop is more proof of concept that Bitcoin is going to work.”

“How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.”

Scaramucci’s SkyBridge has exposure to Bitcoin of about $385 million. The firm’s bitcoin-focused fund, SkyBridge Bitcoin Fund, has about $60 million.

“It’s the age of the micro investor, and you better take it seriously; otherwise, you’ll get taken to the cleaners,” Scaramucci said.

“WSB/$GME is ABSOLUTELY in the spirit of Bitcoin,” said Bitcoin proponent Max Keiser. “The corrupt finance cartel got served up some PAY BACK in a completely legal and brilliant way. Bitcoin is doing same to central banks,” he added.

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Author: AnTy

Yield Farming & NFT’s Led 2020’s DeFi Boom; Boosting DApp Volume by 1178%: DappRadar

The decentralized finance (DeFi) space has arguably been the most impressive component of the entire crypto industry in 2020.

With Bitcoin rallying to record highs, total assets locked in DeFi protocols have reached record levels too. However, it now appears to be bringing in an influx of users to decentralized apps (dApps), again.

DeFi is Pulling DApps Use

This week, top DApp tracking platform DAppRadar published its 2020 DApp Industry Report, revealing that there has been over $270 billion in transaction volumes in 2020. The platform noted that a staggering 95 percent of these volumes came from the Ethereum-based DeFi ecosystem, marking a jump from $21 billion last year.

The report pointed out that the DeFi space had also contributed to Ether’s growth, with money flowing from Bitcoin to the asset all through the year. DAppRadar explained that this cash influx’s primary driver was the theoretical yields in DeFi, with renBTC and Wrapped Bitcoin (wBTC) allowing dApps to tap some of Bitcoin’s liquidity.

Moving on, DAppRadar explained that only ten DeFi dApps accounted for 87 percent of the total transaction volumes on Ethereum. The report echoed findings from November when DAppRadar’s rankings showed that dApps had attracted over a million users in 30 days.

At the time, the top three DApps – DeFi Swap, Uniswap, and Compound, respectively – accounted for over 930,000 users between them. None of the remaining dApps in the top ten rankings had over 30,000 users that month.

Data from Dune Analytics also found that a single DeFi user could have used multiple addresses to interact with several dApps on several occasions during a month. It would be challenging to accurately estimate the actual number of users from DAppRadar’s numbers. As Dune estimated, the total cumulative DeFi wallet addresses were about 901,000.

Even at that, the numbers seem pretty impressive, especially considering that the DeFi space was almost nowhere this time in 2019.

Problems Remain

While the report was positive, it also highlighted some of the challenges plaguing the DeFi space. As expected, it touched issues such as the apparent dependence on the Ethereum blockchain, which has led to challenges like network congestion and higher gas fees.

Hacks and security breaches have also become common, with crafty hackers capitalizing on security flaws in DeFi smart contracts to steal users’ funds. As DAppRadar estimates, hackers have stolen over $120 million across 12 hacks this year. The tracking platform adds that the industry should improve insurance in 2021, which will enhance user confidence.

In general, DAppRadar notes that the future is bright for DeFi. Issues like the coronavirus pandemic and more have brought decentralized platforms into the forefront, and dApps have benefited from that rise in prominence.

With DeFi set to play a more prominent role in the global economy, it should spread its benefits to components like gaming, non-fungible tokens (NFTs), and dApps.

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Author: AnTy