The DappRadar released an annual report, according to which the volume of transactions in Defi projects increased more than 12 times in 2020.The DApp Industry Report suggests that the total volume of transactions in the decentralized finance industry for 2020 exceeded $270 billion, and 95% of the transactions were performed on Ethereum network.\u201cIt seems that the defi revolution has attracted increased attention because of high monthly based returns than banks,\u201d the analysts wrote.DappRadar also noticed that funds flowed from Bitcoin to Ethereum throughout the year. At the beginning of the year, the rate of ETH against BTC was 0.018 BTC, then by the end of the year, it increased to 0.028 BTC.The main reason for this popularity was profitable farming when users deposit funds in Defi applications and receive a reward.87% of transaction volume goes to only ten projects. The number of users exceeded 1 million people, while the audience of the three most popular sites was 930,000 people.Analysts noted that in 2020, the limitations of Ethereum became clear. The lack of scalability and network bandwidth has led to a significant increase in transaction fees.Equally important, Defi hacks, fraud, and loss of funds were common in 2020. Twelve notable hacks were committed this year resulting in millions of Dollar losses.Smart contracts of DFefi projects often do not pass a proper security audit, and some projects, such as Compounder Finance, are created specifically to raise funds and make an exit scam.Dappradar analysts expect that in 2021, the defi industry will play an even more important role and form the foundation for the cryptocurrency economy.Key Points Of DappRadar ReportDapp\u2019s transaction volumes topped $ 270 billion, with 95% represented by Ethereum\u2019s Defi ecosystem.The total locked value (TVL) and adjusted TVL (aTVL) among the top Ethereum dapps tracked by DappRadar reached record figures in\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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