August was definitely a crazy month not just for us but for the whole crypto industry itself. So many things happened that we could barely catch a breath! The DeFi space is definitely all the rage now with new protocols involving yield farming, liquidity mining or governance announced by various teams at least once a day (or more). Some are copycats while some are truly innovative - exciting times ahead of us so stay tuned to the scene!
It may be hard to keep up with all that’s happened as the crypto hype engine spins up yet again. Don’t worry, that is why we are here with another report curated to help keep you up to speed!
Here are our 4 key crypto-highlights for the month of August:
- The market capitalization of the top-30 cryptocurrencies
- The market dominance of the top-7 cryptocurrencies
- Decentralized Finance (DeFi) token performance
- The state of the cryptocurrency exchanges
(download the full report here)
1. Market capitalization recorded a new yearly high at $343B
In August, Top-30 cryptocurrencies market capitalization recorded yet another 2020-high at $343 billion, breaking its previous record of $319 billion in July.
The top-30 cryptocurrencies also saw a 11% increase in their market capitalization and a 18% increase in their trading volume, indicating a relatively lower growth than the previous month.
2. Ethereum remained as the largest gainer for market dominance as Bitcoin slips
3. Yearn Finance (YFI) hit an all-time high at $38,869, outperforming all cryptocurrencies, including the DeFi tokens within less than 2 months since its launch.
Maker (MKR) - who predominantly holds the top spot in the DeFi category, has been completely dwarfed by the recent entrants of the DeFi space. Yearn.Finance (YFI) and UMA (UMA) seemingly came out of nowhere to take the top second and third spot while the Link Marines would be happy to witness Link’s impressive rally over the month of August.
UMA and YFI recorded the highest month-on-month returns with 432% and 749% respectively, outperforming all tokens in all categories.
4. Decentralized Exchanges (DEX) growth outperformed Centralized Exchanges (CEX) by 3X
Yet again, the top-6 DEX month-on-month trading volume grew massively by 247%, outperforming the top-6 CEX that grew by a relatively lower rate at 85%.
Decentralized Finance (DeFi) space is quickly gaining traction with fast-paced developments happening around newly launched projects.
This is only a sneak peek – grab your copy of the full report here!