Happy Monday, Blockfolians
Well, there it is.
August was a massive month for crypto trading. Total volume of spot trading grew from $109.3B in July to $191.2B in August - a total month over month growth of 75%. That’s the highest monthly growth percentage since Feb 2018 - near the height of ICO mania.
Important to note is that this is only spot volume. Derivatives trading continues to grow in importance, as well. What’s more, decentralized exchanges continue to grow in significance.
It’s nice to see Bitcoin break out a little as we right this, but to be honest, the latest retrace felt very temporary given how strong the fundamentals seem.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
MicroStrategy says it may increase its bitcoin reserves beyond $250m
Tether is moving $1B more USDT off Tron and onto Ethereum
Need evidence of the rise of DeFi? After a number of prominent bitcoin hires, Kraken is looking for an Ethereum evangelist
SKALE completes $5M sale on new ConsenSys platform
The DeFi vs. centralized app fight is going to be one to watch
This is composability in action
Jorge Izquierdo 🦅 @izqui9Working with @AndreCronjeTech to propose a governance mechanism for YFI has been so much fun already. Eager to hear the feedback of the community and hopefully put this in production at the speed that yearn has us used to 😉 https://t.co/UXfF4V0wYj
A Really Big Number We Should Be Paying Attention To
That’s the amount bZx was able to recover from an attack this weekend - the third to target them this year. WHO IS LEAVING MONEY THERE STILL!?
Ouch, but also yea.