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Venture capital funds in blockchain and cryptocurrency companies totaled $ 897.7 million in the third quarter of 2020. The funds were allocated to 212 industry start-ups.
According to research data analyzed and published by Comprar Acciones, August was the peak month during the quarter, with a total of $ 367.48 million in funding.
Additionally, based on a report from Outlier Ventures, cryptocurrency funding reached $ 280 million in August. It therefore represented more than two thirds of the total funding. Of the total number of deals in August, DeFi & Fintech was the leading vertical, accounting for 62%.
$ 9bn flows into Ethereum thanks to DeFi, the highest influx ever
As a result of the yield farming movement and decentralized finance (DeFi) hype, CoinGecko revealed that $ 9.15 billion flowed into Ethereum during the third quarter of 2020. This was the largest inflow of capital into the blockchain since. its beginning.
Tether, one of the most popular stablecoins, increased its market capitalization by $ 5.9 billion during the quarter, a 61% increase on a quarterly basis (QoQ). The market capitalization of US Digital Coin (USDC) grew by $ 1.5 billion, up 157% on a quarterly basis. For Wrapped Bitcoin (WBTC), growth was an impressive 1,766% after an increase of $ 946 million.
For the top 10 decentralized exchanges (DEXs), there was a 700% increase in trading volume, from $ 3.8 billion in July to $ 30.4 billion in September. While the trading volume of DEX grew an average of 197% on a monthly basis in the quarter, the volume of CEX grew by 35%.
Uniswap and Curve were the dominant cryptocurrency exchanges, accounting for 80% of trading volume during the third quarter of 2020. Overall trading volumes for the CEX and DEX platforms increased by $ 155 billion or 88%.
On the other hand, DeFi tokens outperformed the cryptocurrency market from Q1 to Q3 of 2020. Among the best performers was LEND, which grew 3.177% year to date (YTD) towards the end of September . YFI, on the other hand, grew by 2,908% while UMA grew by 2,819%. Comparatively, Bitcoin and Ethereum posted year-to-date gains of 50% over the same duration, while Ripple grew 25%.
