By Louis Lustenberger – Market Analyst Intern
DeFi, which can be described as a system of open, permissionless, and interlocking financial products, has gained traction in recent months. The concept of non-custodial financial products caught the attention of venture capitalists, and by the end of August, investors poured $9 billion worth of cryptocurrencies into DeFi smart contracts.
New Messari research found that DeFi has helped push Ethereum transaction volumes to more than double that of Bitcoin in Q3. The study revealed the current rolling 30-day average for Ethereum is near $7 billion, while Bitcoin’s is under $3 billion. If current rates hold, Ethereum is on track to see more than $1 trillion in annual transaction volume.