DeFi Becomes Popular and Miners Gather All the Benefits

Ethereum, as the leading platform for DeFi, miners in that platform collected more revenue than August and also beyond it. It shows that DeFi gains popularity.

DeFi seems attractive for many people, and they begin to use decentralized finance services. As the activity increases in the DeFi, miners in the Ethereum platform begin to collect rewards for the transactions. Ethereum miners collected $166 million income from the transaction fees. In August, this number was $113 million. These figures show a $53 million increase from last month. It is a massive increase from the beginning of the month. People would not think that $1.5 million in revenue in January will reach to $166 million in September.

Why does DeFi become so popular?

There are many financial services available for use now, and many people use traditional financial tools daily. They serve different purposes, such as lending and borrowing, insurance, and derivatives. So, DeFi adopts all those services into cryptographic terms. That is one of the main reasons that DeFi achieves popularity in the crowd. Users of cryptocurrencies welcome each new service in the DeFi with great pleasure. Data for the October 1st, $11.187 billion in total value locked in DeFi.

The main services that DeFi consists of are lending, decentralized exchanges (DEXes), derivatives, payments, and assets. Lending services and DEXes are the most frequently used services. Maker, as the first lending service, leads the list of lending services, and Aave and Compound follow it. Uniswap, as the major exchange service, has a $2.25 billion value locked in. Curve finance follows it with $1.21 billion. These figures are convincing that people have a great interest in DeFi.