Our monthly crypto market report looks at the rise of Decentralised Finance, on-chain fundamentals for bitcoin, ether and the top crypto-assets and technicals, covering the most important developments in the market over the past month or so.
July was certaintly the month that DeFi took centre stage. As shown below, the total value locked in DeFi applications shot up 30% over the coutse of July, bringing the total to almost 4.3 million ETH ($4 billion):
The top 4 DeFi protocols by total value locked are shown below and hold roughly $2 billion worth of value between them:
With the rising popularity of DeFi, the returns of assets like LEND, BAND, SNX and KAVA outperformed bitcoin and large cap crypto-assets. The biggest gainer was YFI which appreciated more than +12,000%:
The usage and adoption of DeFi protocols is one of the main drivers behind why Ethereum overtook Bitcoin in terms of total daily settlement and miner fees (both in USD) during July:
To learn more about on-chain metrics and technicals for the top crypto-assets, read the full report here: https://docsend.com/view/6c4kq8x56kf7sy2a