Coinbase raked in $1.8 billion revenue in the first quarter of this year according to new figures released one week prior to the company’s public listing on the Nasdaq.
DeFi Reaches Milestone $50B Total Value Locked
The initial growth of the DeFi industry helped to lay the foundation of the current bull market. Innovation in the decentralized finance sector helped fuel Ethereum’s growth, and once Bitcoin got going, the rising tide lifted all other boats.
Doing away with any fears of the tide rolling back out just as quickly as it rolled in, the total value locked in DeFi applications has achieved a staggering milestone of $50 billion and climbing. Here’s a look back at the year since the sector began to shine, how it has helped Ethereum soar to new highs, and what’s next for decentralized finance.
Total Value Locked In DeFi Achieves Milestone $50 Billion As Ethereum Hits New Highs
During the 2017 bull run, the promise of ICOs and altcoins with the potential to beat Bitcoin helped to drive the uptrend to unimaginable heights. But it all came crashing down once the bubble popped because there was little value or actual activity and adoption taking place.
At the start of 2020, the DeFi began to blossom, reaching milestone after milestone in terms of total value locked. With so many projects built on Ethereum, demand for the native cryptocurrency token began to rise and so did the price per ETH.
Related Reading | How One Ethereum Could Soon Be Worth Half A Bitcoin
In no time at all, Ethereum was back trading near highs, but once 2021 rolled around, the cryptocurrency set a new high on the back of not just DeFi, but also NFTs.
NFTs have since taken a dive in interest, sentiment, and sales volumes, while DeFi is back setting yet another massive milestone: A grand total of more than $50 billion in value locked.
Total Value Locked reaches more than $50 billion in collateral | Source: DeFiPulse
Defying All Odds: More Capital Locked Than Entire Altcoin Market Cap Last Year
At $50 billion locked, the sum is more than what the total Ethereum market cap was from July 2018 to July 2020. It is also more than the entire crypto market cap sans Bitcoin was worth at the very bottom of the Black Thursday market collapse just over a year ago – to put things into perspective.
DeFi dominance could continue to climb after taking out resistance on the index | Source: DEFIPERP on TradingView.com
From a technical standpoint, DeFi isn’t anywhere near done according to the DEFIPERP Index from FTX. The index is a “weighed average” of the prices of 25 different tokens, ranging from Compound to Uniswap and almost two dozen more.
Related Reading | The Top Decentralized Finance Projects To Follow In 2021
Fundamentally, the total value locked should continue to climb as the sector itself grows and more capital is parked as collateral for the various borrowing or lending services and products decentralized finance has to offer.
Featured image from Deposit Photos, Charts from TradingView.com
FTX set to secure naming rights to Miami NBA stadium until 2040
Cryptocurrency exchange FTX is on the brink of securing naming rights to Miami Heat’s stadium until 2040.
Sam Bankman-Fried’s FTX to purchase Miami Heat arena naming rights
Last purchased for $2 million per year, the naming rights will mark a crypto first among major American sports leagues
Coinbase, Readying for Public Listing, Gets $77B Valuation From Nasdaq Private Market
Last week’s settlement price of $303 per share would make Coinbase bigger than NYSE-owner ICE.
Coinbase, Readying for Public Listing, Gets $77B Valuation From Nasdaq Private Market
Last week’s settlement price of $303 per share would make Coinbase bigger than NYSE-owner ICE.
Centralized Exchange Tokens Hit New All-time Highs, Again
Exchange tokens reached all-time highs, again.
Blockfolio Apologizes After Racist Terms Posted in Portfolio App
A “Signals” account has been blocked after making racist posts available to all users of the app.
Alameda Research Acquires Interoperability Project Ren
Sam Bankman-Fried’s Alameda Research has acquired RenVM to bring more DeFi assets to Solana.
Alameda Research Acquires Interoperability Project Ren
Sam Bankman-Fried’s Alameda Research has acquired RenVM to bring more DeFi assets to Solana.
Exchange Tokens Hit New All-time Highs as Stock Traders Rush to Crypto
GameStop caught the stock-buying public’s imagination. That excitement has spilled over to crypto.
Portfolio App Blockfolio Adds Crypto, Stock Trading to Capitalize on GameStop Drama
The app offers trading of crypto assets as well as tokenized stocks listed on derivatives exchange FTX.
FTX Exchange Lists WallStreetBets Futures to Capitalize on Investing Movement
The futures contract is based on a basket of stocks being targeted by WallStreetBets and dogecoin.
Ignoring Outages, Coinbase Futures Set Record Highs as Bitcoin Rally Continues
CBSE futures on FTX hit $311 Thursday afternoon.
Airbnb Pre-IPO Derivatives Contract Listed on Crypto Exchange FTX
FTX exchange has listed an Airbnb derivatives product ahead of the home rental giant’s initial public offering today.
Cryptocurrency CEO Donated Second-Largest Amount to Joe Biden’s Campaign
Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, made the second-largest donation to Joe Biden’s presidential campaign.
DeFi Sell-Off Continues as Index Futures Retrace to June Levels
DeFi indices on FTX and Binance continue to plummet
Alameda Research Invests $3M in 3Commas Crypto Trading Platform
Sam Bankman-Fried’s Alameda Research has invested $3 million in trading platform 3Commas.
Alameda Research Invests $3M in 3Commas Crypto Trading Platform
Sam Bankman-Fried’s Alameda Research has invested $3 million in trading platform 3Commas.
Decentralized Exchange Volume Dropped 25% in October
A steeper decline was avoided by one record day for Uniswap and Curve.