2021 Q1 Ethereum on-chain report: DEX transaction volume reached 63 billion US dollars, stablecoin supply increased nearly 7 times year-on-year

2021 Q1 Ethereum on-chain report: DEX transaction volume reached 63 billion US dollars, stable currency supply increased by nearly 7 times year-on-year

Recently, ConsenSys released the first quarter DeFi report, which pointed out that the continuous growth of DeFi and the supply of stablecoins on Ethereum increased correspondingly. Considering that stablecoins are the main medium of transactions, income can be obtained in DeFi applications through loans, return on investment (LP) as a liquidity provider, or as collateral for synthetic products. This correlation is meaningful.

The data shows that the total supply of stablecoins in Ethereum increased from $19.5 billion on January 1 to $37.4 billion on March 31, an increase of nearly two times. Judging from the annual data, this trend is even more pronounced. The supply of stablecoins increased from USD 5.5 billion at the end of the first quarter of 2020 to USD 37.4 billion at the end of the first quarter of 2021, an increase of nearly 7 times. The report added that this is because “Ethereum is not only the settlement layer of almost all leading Dapps, but also the settlement layer of almost the entire digital dollar ecosystem.” Most DeFi applications are built on Ethereum, and stablecoins are used in it. One of the key ways to conduct transactions.

Thanks to the influence of the bull market, the DeFi boom continues, and the transaction volume of various segments in the DeFi market has increased significantly. DEX trading volume increased from approximately US$25 billion in December last year to US$63 billion in March this year, an increase of 2.5 times. Uniswap’s weekly trading volume increased by approximately US$7.8 billion from approximately US$5 billion in the first week of January (as of March 31), an increase of almost 1.6 times. Interestingly, Sushiswap’s weekly DEX trading volume has declined, from approximately US$2.6 billion in the first week of January to approximately US$1.9 billion in the last week of March, a decrease of approximately 27%.

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From January 1 to March 31, 2021, DeFi’s outstanding loans increased from approximately US$3.6 billion to US$10.8 billion, a three-fold increase. Aave has experienced similar growth. From January 1 to March 31, Aave’s total outstanding loans increased from US$670 million to approximately US$1.6 billion, an increase of nearly 2.4 times.

In addition, the rise of the NFT market has also brought a lot of new data to the Ethereum ecosystem. By the end of 2020, the total market value of NFT encrypted art was US$52,293,650 (42,720 ETH), and 53,663 unique artworks were sold on the five major platforms. Currently, the total market value of encrypted artworks is US$490,242,627.92 (244,953.521 ETH), and a total of 151,977 artworks have been sold in the past 30 days.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.