Binance has joined the group of the crypto market that has reached new highs thanks to the impulse provoked by the decentralized finances (DeFi).
Binance’s monthly report
Yesterday through the „Monthly Trading Report“ by Binance Futures it was reported that the platform would have had a spectacular month. This was mainly due to the billions of dollars in trading volumes in the futures offering.
In this way, Binance joins the crypto market group that has reaped the benefits of a booming futures market that, as we well know, is driven by DeFi.
The report opens by emphasizing that „the DeFi sector continued its parabolic race in August, the TVL exceeded $ 8 billion.
So, „in response to growing demand for DeFi, Binance has recently announced the addition of DeFi Composite Index Futures,“ the report said.
Binance Futures launches perpetual contracts for DeFi
How was Binance Futures catapulted to a new level?
Binance noted that in August it listed over 17 new futures contracts. In total, Binance has 56 futures contracts and 12 leveraged tokens.
Binance reported that the increase in trading volumes was for everyone. So, the aggregate volume of altcoins futures contracts reached a new record with more than $20 billion traded on the 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 up to 41%“. However, „it stabilized in the 35-40% range by the end of the month,“ the report said.
„A significant part of the volume growth is attributed to altcoin contracts, as traders shift their attention to altcoins, in particular, cryptosystems related to DeFi,“ the firm said.
Overall, when joining the growth of DeFi and the shares by Binance, the crypto exchange observed an increase of 79% month to month to $195 billion, being a new record for the platform.
However, even though the crypto exchange saw an increase in altcoin volume from 38% to 68% towards the end of the month, the dominance of total Bitcoin volume decreased.
Consequently, Bitcoin Rush recognizes that its new highs are closely connected to DeFi. Specifically, to the behavior of investors who bet on a large number of new projects.
It seems that where the DeFi sector is, there’s fun to be had. However, even many experts are skeptical and worried that they are facing a bubble.