In less than two months the decentralized finance (DeFi) market managed not only to reach its historic high, but also to set a new record with $6 billion in total locked value.
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According to the DeFi Pulse service, on August 16, 2020, the total value of the DeFi market in USD term is $6.13 billion.
The first three DeFi projects in terms of locked USD are: Maker ($1.47 billion), Aave ($1.09 billion) and Curve Finance ($966.9 million) respectively.
Given the fact that all the DeFi-related products are deployed on the Ethereum blockchain network, the average transaction fees have surged significantly up to $7.4. At press time, the average fee on the Ethereum network is $2.91, according to Blockchair.
Even though the DeFi market is on the rise, the blockchain industry does not yet have a compelling application model for investors as the total amount of investments in blockchain during the coronavirus pandemic have fallen dramatically by 63%.
According to financial services giant KPMG, investments in emerging sectors such as blockchain are no longer a top priority as many companies around the world have been forced to reduce their investments in order to survive the severe consequences of the coronavirus pandemic.
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