Binance has joined the crypto market group that has reached new highs thanks to the momentum brought about by decentralized finance (DeFi).
Binance monthly report
Yesterday through the “Monthly Trading Report” by Binance Futures it was reported that the platform would have had a spectacular month. This is mainly due to having observed billions of dollars in trading volumes in the futures offering.
In this way, Binance joins the group of the crypto market that have reaped the benefits of a booming futures market that, as we well know, is powered by DeFi.
The report opens by emphasizing that “DeFi sector continued its parabolic run in August, TVL exceeded $ 8 billion”.
So that, “In response to growing demand for DeFi, Binance recently announced the addition of DeFi Composite Index Futures”the report noted.
How was Binance Futures catapulted to a new level?
In this way, Binance noted that in August it listed more than 17 new futures contracts. So, in total, Binance has 56 futures contracts and 12 leveraged tokens.
Binance reported that the increase in trading volumes was for everyone. Thus, the aggregate volume of altcoin futures contracts reached a new high with more than $ 20 billion traded on major crypto exchanges.
For its part, Binance reached a daily high on August 14, «with more than $ 5.8 billion traded ».
In August, Binance explains that its market share in altcoin futures “grew to 41%.” However, it “stabilized in the 35-40% range towards the end of the month,” the report noted.
“A significant part of the volume growth is attributed to altcoin contracts, as traders shift their attention to altcoins, in particular DeFi-related cryptocurrencies,” said the firm.
Overall, by uniting the growth of DeFi and shares by Binance, the crypto exchange saw a 79% rise month-over-month to $ 195 billion, a new record for the platform.
However, despite the crypto exchange seeing an increase in altcoin volume from 38% to 68% towards the end of the month, the dominance of total Bitcoin volume declined.
Consequently, Binance acknowledges that its new highs are intimately connected to DeFi. Specifically, the behavior of investors who bet on a large number of new projects.
It seems that where the DeFi sector is, the fun is. However, even many experts are skeptical and concerned that they may be facing a bubble.
Of course Binance could not exclude Bitcoin from the report after such an interesting month.
Overall, Binance seems to have a positive outlook on the future of Bitcoin. While he acknowledges how uncertain the situation around Bitcoin appears to be, he states that trader sentiment appears to be bullish.
In fact, Binance explains that that could suggest a neutral or upward move for the next two weeks.