DeFi had an incredible start to the year.
Following Bitcoin’s run past all-time highs in December DeFi prices soared throughout January and February. In lockstep fundamentals skyrocketed with many metrics across DeFi growing multiples and reaching new all-time highs. Unsurprisingly higher prices lead to more DeFi usage as users look to trade, borrow, and farm more. In other words, speculation is good for DeFi.
While prices across the Ethereum DeFi sector stalled out in February, Binance Smart Chain’s (BSC) DeFi ecosystem took the mantle thereafter to much controversy. The rise of activity on BSC prompted significant debate over the tradeoffs between security and user experience, as well as the strength of Ethereum’s moat, if competing DeFi ecosystems could rise so fast.
In this report, we walk you through sector by sector, in what was one of the most jam-packed quarters in DeFi’s short history.
Decentralized Exchanges
Performance
Blockworks Intel