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, $ 6 billion in digital assets remain in DAOs, Forex-News, Forex-News
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$ 6 billion in digital assets remain in DAOs

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, $ 6 billion in digital assets remain in DAOs, Forex-News, Forex-News

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, $ 6 billion in digital assets remain in DAOs, Forex-News, Forex-News
, $ 6 billion in digital assets remain in DAOs, Forex-News, Forex-News

According to the latest report from Blockchain software company ConsenSys, the 20 Decentralized Autonomous Organizations (DAOs) have digital assets worth $ 6 billion.

«Based on the data and analysis presented, it is not an exaggeration to affirm that the entire financial system is being rebuilt from the first principles with more security, transparency and compilability between protocols.».

Specifically, the report includes the expansion of decentralized exchanges (DEX), the institutional push towards DeFi. In addition, the growth of Decentralized Autonomous Organizations (DAO). Also, on the growing importance of token governance and the need to solve DeFi’s scaling issues.

, $ 6 billion in digital assets remain in DAOs, Forex-News, Forex-News

Growth of Decentralized Autonomous Organizations (DAO)

By the way, for those who don’t know it, a DAO is an organization represented by rules coded like a computer program that is transparent. Furthermore, it is controlled by the members of the organization and not influenced by a central government.

Therefore, the interesting thing about DAOs is that trust does not need to enter the equation. Since it is backed by a 100% transparent and verifiable code.

So according to ConsenSys, the largest DAOs include decentralized financing (DeFi) projects. Such as Compound, Uniswap, Bankless, and publicly funded entities such as Gitcoin.

In this regard, the ConsenSys report highlights that DAOs have grown in the second quarter. And now they represent a new kind of coordination when it comes to making financial decisions for fundraising or capital deployment.

Decentralized Exchanges (DEX)

As is known, decentralized exchanges (DEX) have continued to gain appeal among market individuals within the cryptocurrency industry.

In other words, DEXs are tackling the problem of being able to access crypto assets from anywhere in the world. As long as users have an internet connection and an active wallet such as MetaMask, a product wholly owned by ConsenSys.

According to ConsenSys, decentralized exchanges saw increase trading volumes totaling $ 343 billion in Q2 2021. Surpassing Coinbase’s Q1 2021 total of $ 335 billion and a whopping $ 173 billion trading volume in May alone.

«One of the highlights for DEXs in Q2 was the Uniswap rollout of its third version, Uniswap V3. Uniswap’s market share in DEX volume increased from 60% to 74% during the second quarter».

In fact, along with the growth of DeFi, Decentralized Autonomous Organizations (DAO) such as Uniswap, Compound, Aave and Synthetix have progressed in the second quarter as a new organizational structure. Over $ 6 billion is held in DAO, with over 700,000 DAO members and token holders.

Other important topics

Similarly, some of the other important issues identified in the ConsenSys report highlight the extent to which the Ethereum network drives decentralized finance.

So, as of the end of June 2021, 2.91 million unique Ethereum addresses had interacted with at least one DeFi protocol. What represents a growth 65% compared to the previous quarter.

«As community-driven education, simple user interfaces, attractive returns, and general awareness of DeFi best practices increased during the quarter, so did the number of new directions.».

By way of closing, the Ethereum network remains a major driving force behind decentralized finance. Indicating the continuation of a trend that began in mid-2020.

I retire with this phrase from Iván Fernández: «Most of us just take advantage of the weaknesses and shortcomings of others. Instead of pushing them to reach their goals».



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, $ 6 billion in digital assets remain in DAOs, Forex-News, Forex-News

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