At that time last year, the crypto industry was awakening with the rise of Decentralized Finance (DeFi). It all started with Yearn Finance and the concept of yield farming opens the door to DEX, lending and several other protocols built on a transparent structure that competes with the traditional financial school of the market ethos.

Of course, there are still a lot of holes in the entire system as a result of a number of hacks and carpet tears during this time. DeFi’s idea is very unlikely, however, and the market leaders are eagerly awaiting another such rally. At the time of writing, some of the market’s most popular DeFi systems are sending another explosive signal as the market has seen some rebound over the past 24 hours.

Source: Twitter

While the price movement of the above assets wasn’t entirely noticeable, it’s important to note that their on-chain fundamentals have seen strong activity. According to Santiment, assets like AAVE, MKR, UNISWAP and COMP tokens have seen a sharp surge in active addresses in the past 24 hours.

While hype and speculation pushed some assets up the rankings (e.g.

Source: Santiment

Looking at the social dominance over the past 7 days, it turns out that all assets have generally aroused interest so that tokens can gain a foothold in space. While on-chain metrics are still needed, is there really any chance of a DeFi season in such a bearish period?

While DeFi may have its shortcomings, it’s important to acknowledge that the value transferred to Ethereum over the past year left Paypal like a fish and is largely due to the volume of DeFi-related transfers.

Source: Twitter

According to the attached table, in terms of payment volume, Ethereum processed 1.7 times more than PayPal with 0.2% of transactions in 26% less time. Paypal’s annual revenue growth was 21% billion while Ethereum recorded a whopping 1614%.

Source: Twitter

With a specific approach to DeFi’s credit aspect, MakerDAO is now more profitable after just 6 years of operation, while LendingClub, a reputable financial institution, is still losing money after 15 years in business.

Therefore, some parts of the DeFi industry are certainly still on the right track so that a DeFi season is still possible, even though the crypto market is still struggling to break the bear grip. .

Annie

According to Ambcrypto

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