DeFi economic activity drops 15% in August: VanEck
Cointelegraph
16 Sep 2023 4:48 PM
The decentralized finance ecosystem has suffered more setbacks in August as on-chain economic activity dwindled. ...
- On-chain economic activity in the decentralized finance (DeFi) ecosystem decreased in August.
- Exchange volume declined to $52.8 billion, 15.5% lower than in July.
- The DeFi Index fell 21% in August, underperforming Bitcoin and Ether.
- Total value locked (TVL) declined 8% to $37.5 billion.
- Positive developments in August include the dismissal of a class action lawsuit against Uniswap Labs and stablecoin growth for Maker and Curve.
- Curve Finance's stablecoin crvUSD achieved a new all-time high of $114 million borrowed.
- CRV token price fell 24% in August.
- Curve Finance's founder, Michael Egorov, sold 39.25 million CRV tokens to reduce his debt position.
The article highlights setbacks in the DeFi ecosystem, such as declining exchange volume and token performance. However, it also mentions positive developments and growth in certain areas.
You May Ask
How did the exchange volume in the DeFi ecosystem change in August compared to July?Which tokens are included in VanEck's MarketVector Decentralized Finance Leaders Index?How did the DeFi Index perform in August compared to Bitcoin and Ether?What positive developments occurred in the DeFi ecosystem in August?Why did Michael Egorov sell CRV tokens during the crisis?