Around this time last year, the crypto market was waking up to the meteoric rise of decentralized finance (DeFi). It started with lending and several other protocols built on a transparent structure and rivaling the costs of classical financial markets; Yearn Finance’s yield farming concept has opened the door to decentralized exchanges (DEX). Cryptocoin. com, although there have been cases of fraud that we have covered in our news many times before, rallies in the DeFi market are eagerly awaited. At the time of writing, assets such as AAVE, MKR, UNI, COMP are showing multiple rises.
Precious metrics for AAVE, MKR, UNI, COMP
Alongside the price of DeFi coins, their on-chain fundamentals are also recording strong activity. According to Santiment, assets such as AAVE, MKR, UNI, COMP have experienced a strong increase in active addresses in the last 2 days. In addition, when we look at the social dominance of the last 7 days, it is seen that all assets have collectively increased in interest. On-chain metrics remain valuable during such a bearish period. So, will we see a “DeFi season” like last year?
While DeFi has its shortcomings, according to crypto journalist Biraajmaan Tamuly, it’s worth acknowledging that the toll transferred to Ethereum over the past year has outstripped Paypal processes and this is largely due to the process volumes connected with DeFi. In addition, annual revenue growth for Paypal was 21% billion, while Ethereum witnessed a massive increase of 1614%.
MakerDAO is now more profitable after just 6 years of operation, while LendingClub, an established financial institution, is still losing money after 15 years at work. Due to this format of data, it is pointed out that the possibility of the DeFi era is undeniable.
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