{"id":333002,"date":"2021-09-01T01:00:00","date_gmt":"2021-08-31T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/surge-in-activity-and-token-prices-show-defi-summer-2-0-already-started\/"},"modified":"2021-09-01T01:00:00","modified_gmt":"2021-08-31T22:00:00","slug":"surge-in-activity-and-token-prices-show-defi-summer-2-0-already-started","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/surge-in-activity-and-token-prices-show-defi-summer-2-0-already-started\/","title":{"rendered":"# Surge in activity and token prices show \u2018DeFi Summer 2.0\u2019 already started"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3650f187e93\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3650f187e93\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/surge-in-activity-and-token-prices-show-defi-summer-2-0-already-started\/#On-chain_metrics_show_DeFi_is_heating_up\" >On-chain metrics show DeFi is heating up<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Surge in activity and token prices show \u2018DeFi Summer 2.0\u2019 already started <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>After a blistering start to 2021 saw token valuations and trading volumes surge to ignite the current bull market, the DeFi sector as a whole took a break while the NFT sector stepped into the limelight. <\/p>\n<p>While investors&#8217; attention was elsewhere, DeFi prices have had time to consolidate and project developers were able to focus on protocol upgrades and in the past month, DeFi-related tokens have been gaining traction and look poised for a breakout in September.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/15ccac74-7a60-41eb-bff7-83f52ff3c33a.png\"><figcaption style=\"text-align: center;\"><em>DeFi Index perpetual futures 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/DEFIPERP\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that multiple DeFi tokens, including Aave (AAVE), Synthetix (SNX), YFI and SushiSwap (SUSHI) have rallied nearly 40% since May 10, while the price of BTC is still 27% away from its all-time high. <\/p>\n<p>The recent bullishness in DeFi tokens prompted some analysts to point out that the \u2018DeFi summer 2.0\u2019 did in fact take place, and at a much larger scale than anyone anticipated. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Y\u2019all wanted DeFi summer 2.0? Well it\u2019s here, but at much larger scale and multichain.<\/p>\n<p>First Matic with its $40M incentive program (1% of supply)<\/p>\n<p>Then Avalanche with $180M (now worth ~$450M)<\/p>\n<p>Today Fantom and Celo with $300M and $100M, respectively.<\/p>\n<p>Solana and Terra next?<\/p>\n<p>\u2014 Ryan Watkins (@RyanWatkins_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1432344790335692805?ref_src=twsrc%5Etfw\">August 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"On-chain_metrics_show_DeFi_is_heating_up\"><\/span>On-chain metrics show DeFi is heating up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Evidence that the DeFi space is heating up can be found in various on-chain metrics that indicate a healthy amount of trading activity and an increasing number of new users interacting with DeFi and DEX protocols. <\/p>\n<p>According to data from Dune Analytics, the number of new participants coming into the DeFi ecosystem has risen non-stop over the past year reaching a record 3,285,643 total users as of Aug. 31.  <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/f31c792d-8ff4-4b25-bda6-8cafb41e0480.png\"><figcaption style=\"text-align: center;\"><em>Total DeFi users over time. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/duneanalytics.com\/rchen8\/defi-users-over-time\"><em>Dune Analytics<\/em><\/a><\/figcaption><\/figure>\n<p>The steady addition of new users has helped to keep activity on DeFi lending protocols and decentralized exchanges (DEX) elevated, with data from Dune Analytics showing that the weekly DEX volume in August reached levels not seen since late May. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/4393459f-2f3d-4b58-8fce-e1d3fc2eb710.png\"><figcaption style=\"text-align: center;\"><em>Weekly DEX volume. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dune.xyz\/queries\/4323\/8546\"><em>Dune Analytics<\/em><\/a><\/figcaption><\/figure>\n<p>For those who are concerned that high transaction fees on the Ethereum (ETH) network may limit the ability for smaller investors to engage with the sector, the growing field of layer-two (L2) solutions like Loopring (LRC) and cross-chain bridges to competing networks like the Solana, ensure that portfolios of all sizes will be able to partake in DeFi investin.<\/p>\n<p>One of the best examples of this has been the rapid rise of the Polygon (MATIC), a layer-2 network that has emerged as a top-ranking blockchain in regards to total value locked (TVL). Data from Defi Llama shows that Polygon is now the fourth-ranked chain in terms of TVL\u00a0with more than $4.93 billion locked in the network.  <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/3c7abad8-4049-4284-9f1c-1e04498406e1.png\"><figcaption style=\"text-align: center;\"><em>Total value locked rankings. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/home\"><em>Defi Llama<\/em><\/a><\/figcaption><\/figure>\n<p>With Bitcoin still struggling to gain momentum below $50,000, it\u2019s possible that the market is headed toward an altcoin season and if that occurs, the top DeFi protocols with strong long-term fundamentals are likely to benefit from the bullish momentum.  <\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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