The DeFi market in June can best be described as "riding the rapid currents." This month witnessed unprecedented growth:
- Compound’s borrowing volume surged 1,869%
- USDT’s circulating market cap surpassed $100 billion
- Total value locked (TVL) grew 83.5%, nearing $1.9 billion
Here’s a data-driven breakdown of June’s DeFi milestones and emerging trends.
Key Metrics Overview
1. Total Value Locked (TVL)
TVL across Ethereum-based DeFi projects rose from $1.026B to $1.882B in June, an 83.5% increase. Growth accelerated after June 15, when Compound began distributing its governance token, COMP.
2. Stablecoin Market Expansion
- USDT: First to cross $100B market cap (June 29).
- USDC: Grew 34.9% ($731M → $986M), aided by partnerships like Algorand’s USDC integration.
- Total stablecoin market cap: $12.024B (June 2023).
3. Lending Platforms: Compound’s Dominance
- Total borrowing volume: Up 134% ($545M → $1.276B).
- Compound: Overtook MakerDAO, with borrowing volume skyrocketing 1,869% ($19M → $3.835B).
- COMP token mechanics: Redesigned to reward users based on deposited/borrowed USD value (not interest earned).
⚠️ Caution: COMP’s governance model lacks profit-sharing, creating potential bubbles due to incentive misalignment.
Sector-Specific Trends
Decentralized Exchanges (DEXs)
- Uniswap V2 led with >90% of DEX volume.
- Pool-based DEXs dominated; order-book types (e.g., Loopring) saw <$1M daily volume.
Synthetic Assets
- Synthetix (SNX): Continued 2023’s bullish trend, enabling trading of derivatives (e.g., sFTSE, sNIKKEI).
- Cross-chain demand: WBTC (wrapped Bitcoin) supply grew 126% in June; RenBTC hit 1,082 BTC within a month.
Leverage Trading
- dYdX: Held 97% market share, with open interest up 6.98% ($26.51M → $28.36M).
FAQs
Q: Why did Compound’s borrowing volume surge?
A: COMP token incentives drove users to borrow/deposit, despite high interest spreads (e.g., 20% for BAT).
Q: Is USDT’s growth sustainable?
A: As the most liquid stablecoin, USDT benefits from DeFi’s expansion but faces scrutiny over reserves.
Q: What’s next for WBTC?
A: Expect further adoption as Ethereum-based DeFi demands Bitcoin collateral.
Conclusion
June marked DeFi’s hypergrowth phase, led by:
- Lending platforms (Compound’s COMP-driven model).
- Cross-chain assets (WBTC, RenBTC).
- Stablecoins (USDT’s $100B milestone).
While innovation thrives, risks like governance token泡沫 and liquidity mining sustainability warrant caution.