A recent report by the DappRadar team has shown that the bulk of DeFi transaction volume happens on the Ethereum platform which holds over 90% of the transaction being carried out on all other blockchains.
According to the report, the Ethereum network dominates the DeFi space with 96% of the transaction being done on the platform.
The report stated that the bulk of the transaction on the Ethereum platform happens using the Uniswap (UNI), MarkerDAO (MKR) and Curve Finance (CRV) tokens.
The establishment of the uniswap governance token, UNI also helped increase the popularity and the usage of the platform.
DeFi transaction volume expected to decrease on Eth platform
The DappRadar report highlighted that there could be new entrants into the market of the DeFi arena which would contend massively with the DeFi transaction volume that is dominated presently by Ethereum, Tron and EOS.
Protocols like IOST, Ontology and NEO have seen an increase in their daily activity as they experienced a surge of upto 357%, 1,589%, and 840% respectively.