The Ethereum blockchain alone captures virtually all decentralized finance (DeFi) transactions. According to DappRadar indicators, Ethereum represents 96% of the total trading volume.
At the recent LA Blockchain Summit, the CEO of decentralized exchange (DEX) FTX, lamented Ethereum's performance. For this major player in DeFi, Sam Bankman-Fried, "Ethereum cannot host an exchange".
If Ethereum is not ideal for a DEX, blockchain is no less essential in decentralized finance. And this is not without explaining the surge in trading fees and their saturation in recent months.
DeFi transactions soar to $ 125 billion
During the 3e quarter of this year, the global transaction volume in the DeFi universe reached $ 125 billion. According to DappRadar, this represents a significant increase of 113 billion compared to the previous quarter.
More importantly, 96% of that transaction volume was carried out through the Ethereum blockchain. However, this figure is not the only one to underline the preponderance of the network co-created by Vitalik Butterin.
Indeed, the total value of funds blocked in Ethereum smart contracts now exceeds $ 10 billion, according to the report. Overall, DeFi smart contracts reached $ 10.82 billion (compared to $ 1 billion in June).
If other blockchains are trying to invest in DeFi, Ethereum remains the benchmark today. And this domination is also found in terms of active crypto-wallets. Ethereum wallets thus account for 57% of active wallets each day.
Ethereum wallets account for 57% of active DeFi wallets
At 3e Quarter 2020, Tron and EOS nevertheless manage to exist with a respective market share of 35% and 5%. If other blockchains, like Solana or Avalanche, want to find their place in DeFi, they will have to convince key protocols.
Uniswap, Sushiswap, Balancer and Compound are the biggest contributors to Ethereum with 56% of active wallets. Dapps on Tron in DeFi, such as JUST, Zethyr Finance, Sun and SharkTron, nevertheless represented 32,000 active wallets over the period.
The delays in the development of Ethereum 2.0 could still serve its rivals. Last week, Solana launched a “decentralized bridge” for ERC-20 tokens. With Wormhole, it thus becomes possible to transfer value between the two blockchains.