The DeFi boom continues to rise in July as it raised the market cap of the DeFi crypto sector to $4.4 billion. Experts have predicted that it has a bright future with the world now taking step closer to the decentralized finance.
The Block Research has said that online foot traffic on major DeFi Platforms like Uniswap and Compound has been surging to all-time-high numbers, this has been seen as a part of July’s DeFi boom.
Popular DeFi platforms such as Aave, Compound, and MakerDAO have stared to see an increase on their website since April and May.
The surging began early when Ethereum 2.0 was launched. Synthetix, Balancer are among the other platforms which have recorded rapid growth.
DeFi platforms have seen relative growth in terms of rising liquidity mining and yield farming, according to the report. For instance, Compound growth is directly related to its COMP token governance which was launched in April and started trading in June.
For Balancer, its growth indicator is directly related to the launch of its liquidity mining platform in early June which raised its website traffic from 7,000 in May to 95,000 in June.
The growth, as the report notes, has also been met with challenges like the Asuka token exit scam that defrauded investors of hundreds of thousands of dollars.