It is finally out now – Our Q2 2020 Quarterly Cryptocurrency Report: Full Report

Hey, Uptrennd!


We are DeFi-nitely proud to announce that we have just published our Q2 Quarterly Cryptocurrency Report! 


Download the full report here




Derivatives Trading Volume On A Downward Trend



For Bitcoin’s perpetual swap, both BitMEX and Binance saw heavy declines (11.3% and 4.3% loss respectively) in terms of volume dominance.


Meanwhile, Huobi ended with an 18.7% volume dominance, which was impressive for a newcomer.




Open Interest On The Rise



Despite the overall decrease in volume for BTC perpetual swap derivatives trading, open interest volume doubled in Q2.


BitMEX lost 11.6% in dominance while Binance Future and Bybit caught up, gaining 2% and 4.6% respectively.


Even so, BitMEX still remained as the market leader. BitMEX’s open interest grew $204M (44%) despite its decrease in market dominance.


Tokens That Are DeFi-ying The Odds



We can safely say that Q2 was extremely DeFi-centric. The price return of 4 out of 5 DeFi tokens was higher than other Top-5 cryptocurrencies and Top-5 exchange tokens.


Aave’s price return was the highest among the Top-10 DeFi tokens with a whopping gain of 712%. This was impressive as Aave was only launched in Jan 2020 and it’s now the 4th largest DeFi protocol in terms of Total Value Locked


Also, we can see that more users are now active in trading DeFi tokens. Compound (COMP), which only went live on 20th June 2020, has quickly risen to the Top-30 coins in terms of market capitalization.


DeFi Highlights



What led to the increase in trading of DeFi tokens?


It may be due to the Yield Farming and Liquidity Mining craze.


To put it simply, yield farming is when you put in your assets to generate returns, much like how you’re able to earn interest off of your cash in the bank.


Liquidity mining is when you provide liquidity to essentially lend to the platform and in return, you’ll earn tokens of the protocol you deposit in.


Basically…


Yield Farming 👩🏼‍🌾+ Liquidity Mining 💧 = 🤑💰🤑💰🤑


Keep Updated on DeFi


Wow! Just like that snaps fingers the first half of the year has flown past. What an interesting quarter! What do you think about it? Let us know in this 1-minute survey.


We here at CoinGecko are excited to see what the next quarter may bring. As usual, we’ll keep you updated through our daily newsletter so be sure you sign up to stay on top!


CoinGecko Virtual Meetup


In conjunction with the release of our second Quarterly Report for 2020 and recent Trust Score update with cybersecurity metrics, CoinGecko is back with Virtual Meetup #4!


Join in the Discussion, Free!


Be sure to sign up to the Meetup here



COMMENT

28

preview not available Luke Brenland
15 Jul

Thanks for the report Coingecko! Awesome to have you posting them here :)

DeFi has definitely caught my attention and has been very kind to me!! lol I do hope Aave keep on delivering and keep growing! There are a few tokens I hold and aave is one of them so high hopes there :)

8 REPLY

26

preview not available Lucas S
15 Jul

Great update on the state of the markets, especially the Defi sector. I've also got a few stakes in the liquidity mining side of things, which I love for the passive income.

 And I think it's great that Coingecko has got Hacken on board and providing more security.

7 REPLY

22

preview not available Osato Jegede
15 Jul

Awesome overview, the new narrative within the crypto community is DeFi project bound. Only recently the DeFi community get to welcome Trustswap.org which to project to watch out for

6 REPLY

5

Ali Raza
15 Jul

I was totally unaware but u make me well aware of it 

Thanks KS for sharing detail and removing my confusion 

God bless u dear Ameen

4 REPLY

9

preview not available Bill White
15 Jul

Coingecko you remain the only trustful source after the acquisition of Coinmarketcap by Binance.

3 REPLY

16

Captain Philips
15 Jul

Where is the lie in this comment? Absolute truth, i don't trust Binance no more.

3 REPLY

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