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Cryptocurrencies:  7,545Markets:  31,643Market Cap:  $395,829,614,29524h Vol:  $89,451,249,115BTC Dominance:  62.5%
Market Cap:  $395,829,614,29524h Vol:  $89,451,249,115BTC Dominance:  62.5%Cryptocurrencies:  7,545Markets:  31,643

Ethereum leads with 96% of all DeFi transactions as Tron, EOS, and NEO show promise

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Ethereum leads with 96% of all DeFi transactions as Tron, EOS, and NEO show promise

CryptoSlate2 weeks ago
Published on October 13, 2020 05:00 GMT+0edited on October 13, 2020 05:07 GMT+0

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Data shows a staggering 96% of all transactions on decentralized finance (DeFi) applications take place on Ethereum, the world’s second-largest blockchain network by market cap.

This is despite there being faster and low-fee networks available on the market today, suggesting both developers and participants have yet to fully trust and adopt newer blockchains.

DeFi has boomed this year on the back of yield farming and other non-custodial crypto applications like lending and DEX trading. The industry was worth under $600 million at the start of this year but has quickly grown to amass over $11 billion in locked assets.

“Best quarter” for DeFi

Dappradar, which published the findings in a recent report, said the DeFi industry has grown more than ten times in Q3 of 2020. The firm analyzed …