According to the analytical service, DappReview, last week, DeFi project JUST, took first place by users. Thus, the Tron based project overtakes leaders such as Compound and Synthetix.
The news was also published on Twitter by the creator of the Tron cryptocurrency, Justin Sun. The supporters of cryptocurrency were quick to congratulate him on that achievement.
— Justin Sun (@justinsuntron) August 10, 2020
At the press time, the Tron based project is ranked 30th according to DappReview data. The Compound project remains the leader with a volume of several hundred million US dollars.
The report also shows that the total market cap of the decentralized finance market has stopped at $ 4.744 billion.
We will remind you, earlier, the volume of blocked funds of the DeFi-project MakerDAO, grew to the level of more than $ 1 billion (to date, this figure reaches $ 1.43 bln), while Compound ($ 837.4 million) was the second, in terms of the number of funds locked.
The Concentration Of DeFi Project Tokens On A Few Wallets Reaches 99%
Most of the tokens of many DeFi projects are distributed across 500 crypto addresses.
Simone Conti, co-founder of DeFi Italy and head of the crypto investment division at CryptoLab, came to this conclusion during the study. The specialist published the analysis results on his Twitter.
I want to share my personal analysis regarding #DeFi Token Holders. Considerations:
– Projects born before #DeFi 've more holders for the airdrops
– Almost all projects've 30% of their supply held by Top 5 holders and 90% by Top 500 (some of them ~100%)
— Simone Conti (@simoneconti_) August 6, 2020
The worst results were recorded for three startups, 99% of whose assets are distributed across 500 addresses. These include the Compound, Balancer, and Meta projects. Two of them are in the top DeFi projects, with the maximum amount of funds blocked for their needs.
The best results in the TOP-10 designated by Simone Conti, were taken by the Bancor project.
According to the specialist, 87% of the startup’s tokens are in the hands of about 500 people. For the research, the co-founder of DeFi Italy, used data from the Defi Pulse and Etherscan platforms.
The concentration of assets on several wallets, is contrary to the principles of decentralization. If the owner of a large batch of tokens decides to sell them, the project’s cryptocurrency rate may be seriously affected.
Also, a one-time theft of a large number of assets is not excluded in case of hacking of just one wallet.
During the analysis of the decentralized finance market, the co-founder of DeFi Italy, concluded that the projects launched before the active growth of the popularity of the DeFi, have a wider distribution area of tokens.
The specialist explained this feature by organizing the distribution of digital assets by startup teams.