DeFi project tokens gain popularity among whales

The rapid growth of the decentralized finance segment has made some DeFi tokens popular among participants on off-exchange (OTC) platforms. The Block reports, citing sources familiar with the situation.

Over the past three months, the use of non-custodial services with lending, investing and trading crypto assets has risen significantly. Trading volumes of native DeFi protocol tokens on centralized exchanges and OTC platforms have also increased.

A leader of one centralized venue reported a doubling of DeFi-token trading volumes during July–August. The most popular among traders are tokens of Synthetix (SNX), Compound (COMP) and yEarn Finance (YFI). Since the start of the year, trading volumes of these tokens have risen eightfold.

The Block 22 index’s share of the top-20 DeFi tokens in centralized platform turnover has increased from about 2% to 14% since the start of the year.

Source: The Block.

The Block 22 index includes Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex, as well as lesser-known exchanges — LMAX Digital, FTX and BTSE and others.

According to DeFi Pulse, by volume of locked value, the non-custodial exchange Uniswap leads the decentralized finance segment.

As of writing, the total value of Ethereum locked in DeFi applications on smart contracts stands at $8.83 billion.

Earlier ForkLog reported that one of the main drivers of Uniswap’s momentum in the DeFi Pulse ranking is the hype around SushiSwap.

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