Over 1300% growth in a one week
The Binance Smart Chain is a hotbed for upcoming DeFi products, and Nerve is the latest dapp to see tremendous growth in volume and activity. In the past 7 days, the transaction volume increased 1310% to almost $26 million.
One week ago the platform would still have a daily trading volume of around $1 million. However, on March 8th the volume exploded. Instead of 33 users, the platform now counted 218 active user wallets.
Nerve is an exchange on BSC. They describe themselves as a stableswap automated market maker (AMM). The platform allows users to trade stablecoins and pegged synthetic assets with a minimal amount of slippage.
Users who are active with DeFi on the Binance Smart Chain can keep an eye on their portfolio here on DappRadar. The DappRadar Portfolio Tracker supports both Ethereum and BSC, while more services will be added.
BSC strong in the DeFi market
BSC, or Binance Smart Chain, is becoming a dominant force in the DeFi sector. Since the start of the new year, the DeFi sector has been blossoming both on Ethereum and BSC. PancakeSwap on BSC is in a head-to-head battle with Uniswap for the DeFi crown.
Early December the total value locked (TVL) in DeFi was approximately $15 billion, according to data from DappRadar. The TVL peaked at $51 billion on February 21st, falling back to $41 billion on Friday the 26th. Right now the TVL has surpassed $55 billion. These fluctuations are caused by the increase and decrease of BTC and other cryptocurrencies.