Leading decentralized exchange, Uniswap, has become the first DeFi protocol to generate more than $1 billion worth of platform fees for liquidity providers. On August 10, Lucas Outumuro, head of research at crypto data aggregator IntoTheBlock, shared a chart to Twitter showing that the combined fee revenues of Uniswap’s v2 and v3 Ethereum mainnet deployments have surpassed $1 billion. Including the fees generated by both Uniswap v1 and its v3 deployment on Optimism, Outumuro notes that roughly $1.02 billion has been distributed to Uniswap liquidity providers since the protocol’s creation in November 2018.
Crypto hedge funds managed nearly $3.8 billion in 2020, up from $2 billion in 2019, and are showing a taste for decentralized finance (DeFi), according to a new report from PwC and the Alternative Investment Management Association (AIMA). The DeFi space has seen explosive growth in recent months, with the total value locked in Ethereum-based DeFi platforms now sitting at $60 billion, according to DeFi Pulse. Meanwhile, some large traditional hedge funds like Steven Cohen’s Point72 are reported to be taking an interest in DeFi, as part of a strategy of setting up crypto-focused funds.
For decades, a lack of innovation has stifled the banking sector. We still live in a world where cross-border payments can take several days, and inefficient algorithms deny loans to consumers who can afford to pay them back — all because they don’t fit inelastic requirements that aren’t reflective of the 21st century. It’s been interesting to see how new concepts and key milestones in digitization have been pioneered by so-called “challenger banks.” These institutions, often fronted by fresh-faced financiers who previously worked at old-fashioned institutions, have seen how customers end up drowning in fees.
Data from DappRadar shows rapid uptake of Polygon-based decentralized applications. The network now has 93 functioning dapps, up considerably over the past four weeks. Polygon, a leading platform for Ethereum (ETH) scaling and infrastructure development, has attracted 75,000 new users over the past seven days, highlighting growing demand for layer-2 decentralized applications. The data, courtesy of DappRadar, shows that the top 20 Polygon dapps were responsible for the increase. In this case, new users refer to active wallets interacting with Polygon dapps. The influx of new users brought in nearly $1 billion in volume.