DeFi Fever Pushes Binance Futures Trading To $ 195 Billion
CONTENT

  • DeFi Boom Drives Binance Futures Trading Volume
  • The exchange is actively listing DeFi tokens, attracting hot capital
  • Interest in altcoins is also on the rise

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Amid the surge in the DeFi market, Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and …

The BEST DeFi Projects Ready to EXPLODE in 2021 (How to Get Rich From DeFi)

More trading volume in futures products on Binance’s cryptocurrency bijus surged in August

Last month was the best for the Binance cryptocurrency exchange and allowed fixing billions of trading volumes across all altcoins.

In the futures markets, investors can place leveraged bets without having to buy an asset. Traders can also profit from lower prices by betting against the market, as opposed to spot trading, where investors can only buy and hold an asset or exchange it for fiat at a loss..

Binance Makes Money From DeFi Boom

Binance is one of the largest exchanges in the crypto space in terms of volume and number of retail traders, while the company’s futures market is growing rapidly thanks to the implementation of various DeFi projects..

DeFi-fever has raised the volume ...

The exchange registered more than 17 new futures contracts in August, according to Binance, including, but not limited to, DeFi projects such as Yearn Finance’s YFI token and even its Chinese fork, YFII. Earlier, the editorial staff of BeInCrypto already wrote that Binance is actively expanding the range of available DeFi tokens, even despite criticism from the head of the exchange.

In August alone, Binance’s share of the altcoin futures market rose 41%, reaching 35-40% in the last week of the month. The exchange even recorded one of the largest volumes of altcoin futures in one day – August 14, when more than $ 5.8 billion were sold..

“Much of the growth comes from altcoin contracts, as traders switch to altcoins, [and] in particular cryptocurrencies associated with DeFi,” the company said..

Overall, Binance futures volume increased 79% month-on-month to $ 195 billion, the highest monthly volume since its inception. Meanwhile, as the volume of altcoins grew, bitcoin began to lose its position..

DeFi Markets Promote Altcoin Trading

According to Binance, altcoins are mainly traded with investors investing in new projects..

Last month, little-known DeFi projects with funny names like Sushiswap and Kimchi Finance echoed the success of Yearn Finance, which offers investors various projects as part of profitable farming, which means that the latter group blocks millions of dollars in cryptocurrencies and can lend to other traders. and earn up to 100,000% per year.

As a result of this growth, the total locked value (TVL) in the DeFi ecosystem has exceeded a whopping $ 8 billion, with projects like the Uniswap decentralized exchange accounting for over $ 1.66 billion in TVL alone..

However, not all industry experts believe these indicators; some believe that the current market behavior resembles the bubble last seen during the 2017 ICO boom.

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