It has been more than 10 years since the cryptocurrency industry has been around. Over time, the cryptocurrency industry has experienced a lot of negative critics from traditional and mainstream financial institutions.
However, the cryptocurrency industry has managed to prevail and is now one of the top online trading assets. The industry now has more than 190 million users that are benefiting from the services and products that the industry has to offer.
Although the cryptocurrency industry has launched many products and services in these 10 years, DeFi has become one of the most adopted branches under cryptocurrencies.
It was towards the end of the year 2017 when the decentralized finance industry was launched. Since then, the industry has gained constant growth and success. The DeFi industry has provided users an alternative to savings, loans, and borrowing services. There was a time when these services were available only through traditional financial institutions.
However, it had become a norm for the traditional institutions to grant such benefits to people whom they deemed granting benefits. This is where the DeFi industry came in and re-defined the loaning, borrowing, and saving platform once and for all.
As a result of the above, the decentralized finance (DeFi) sector has emerged as one of the most prominent sectors in the growth of the cryptocurrency industry.
It has also proven to be one of the most integral components that are responsible for driving widespread growth and adoption of cryptocurrencies.
Following the recent growth and developments in the DeFi sector, the firm Delphi Digital has shared some very surprising facts. The firm has announced that in the last 30-days, the DeFi sector has observed a 440% surge with respect to its circulating market cap. The surge in the market cap circulating volume has been experienced by the leading DEX protocols in the last 30 days.
As a result of the above, the trading volume on the platforms that are supported by the protocols has also increased.
According to the reports, the total DEX volume for the month of January 2021, has hit an all-time high record. For the particular month, the industry has managed to hit an all-time high figure of $55 billion. In terms of the previous record all-time high of $26 billion in September 2020, the industry has gained double the market cap circulation.
When it comes to the firm dominating the DeFi sector, it is Uniswap that currently has no match in the particular field. The firm reportedly garnered around $29.5 billion worth of volume in the month of January. This proves that Uniswap alone is responsible for handling 45% of the total volume that is being traded on all DEXes.