July was a big month for Bitcoin, Ethereum, and other cryptocurrencies, but it was also a big month for DeFi ecosystems and DEX exchanges, which surpassed more than $4,5 billion in assets locked on platforms such as MakerDAO, Compound, Aave, and Uniswap.
The Finanzas Descentralizadas, also known as DeFi, are the new way of offering financial products and services through technology blockchain, eliminating the need for third parties and intermediaries. Since the birth of Bitcoin and blockchain technology, a series of new and innovative products have been implemented that seek to make the most of these still-developing technologies, and among these products are DeFi.
Originated on the blockchain EthereumDecentralized finance allows operations and transactions to be carried out within the financial world in a completely different way than what is customary in the traditional system, and even more so now that they have a new model for generating profits: yield farming (yield agriculture). The yield farming It is a financial mechanism that allows generating high-yield profits through loans and liquidity. This high-yield mechanism is one of the reasons why interest in DeFi ecosystems is growing, which are becoming more popular and common in society every day.
Según un study de The Block Crypto, in recent months, visits and web traffic on the main DeFi platforms have increased exponentially. From May to June, searches skyrocketed, with Compound, Balancer and Curve seeing some of the highest volumes of web traffic.
Source: The Block
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Growth in web traffic on DeFi platforms
SimilarWeb, a platform that provides analytics and metrics services for businesses and companies, offers data on the volume of growth reflected in the web traffic of the platforms MakerDAO, Compound, Synthetix, Aave, Balancer y CurveFinanceData from SimilarWeb shows that the DeFi platforms with the highest growth in visits from February to July are Balancer, Curve Finance, Compound and Aave, while Synthetix and MakerDAO are the ones experiencing the lowest volume of web traffic.
Source: SimilarWeb.
For its part, Uniswap, a decentralized exchange market (DEX) also experienced an incredible growth of over 1400%, going from 90 thousand visits to over 1,4 million visits during the month of July.
The interest of users and investors in general for these platforms arose as Ethereum approached its fifth anniversary, in addition to the already mentioned yield farming and its earnings modality. Likewise, The Block study points out that the growth in the value of Bitcoin and other cryptocurrencies, Importantly, one of the reasons for the growing interest in DeFi ecosystems may also be the positive measures implemented by the United States Securities and Exchange Commission (SEC) and the Comptroller of the Currency (OCC), which approved the provision of storage, management and custody services for cryptocurrencies and digital assets by the country's commercial banks.
Continue reading: Ren Protocol, Synthetix and Curve Finance implement yield farming for Bitcoin
