2020 DeFi Industry Research Report Part 1

Key Takeaways 1. DeFi continued to develop strongly in Q3, with total locked value growing 500% from Q2 to reach $11.4B. In October, the DeFi market cooled relatively, with end-of-month locked value roughly equal to beginning-of-month levels. Overall DEX trading volume declined 34% in October; 2. The DeFi boom pushed Ethereum transaction fees to a historical peak of average $14/transaction in early September. DeFi performance is clearly driven by hot projects and events like yearn.finance; 3. The oracle project Chainlink has long occupied the top position in the DeFi market cap rankings.