DeFi: The Star of the Third Quarter of 2020
Market research firm Dapp Radar released its quarterly DeFi progress report this week. He named Q3 2020 as the best quarter in the DeFi ecosystem.
According to the report, the third quarter of 2020 is the most impressive quarter for DeFi. The Ethereum network dominates the DeFi space, but the market share of TRON and EOS has also increased. The report examines the development of the DeFi decentralized financial ecosystem in the third quarter of 2020, the report said that this quarter was the best quarter in the entire region. Additionally, the report highlights the huge role Ethereum plays in its underlying technology, and highlights many potential competitors, including TRON and EOS.
Although DeFi is not an invention in 2020, it has started to gain a lot of popularity since the middle of this year. From mid-2019 to mid-2020, DeFi's transaction volume grew steadily every quarter. However, in the third quarter of 2020, transaction volume increased from approximately $ 10 billion to $ 123 billion.
DeFi leveraged networks such as EOS and TRON to reshape some of Ethereum's market share. Although EOS only accounts for 5% of daily active wallets, Justin Sun's role in TRON increased in the third quarter of 2020, reaching approximately 35%.
Other less important networks are IOST, Ontology and NEO. Although they have grown three or even fourfold from the second quarter, they only account for 3% of all wallets.