While BTC and ETH continue to experience low volatility in the past several days a growing number of DeFi-related assets have managed to gain the attention of many crypto-investors thereby pushing these digital coins to record highs.
Data feeds from Santiment Research Company reveal DeFi-coins that include REN, LEND and KNC all had an impressive growth on their network activity over the past several weeks. The average volume of daily addresses using REN in July so far has been 588, up +36% from June, +181% from May, and +332% from April.
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Quick fact; Defi means “decentralized finance” by definition it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.
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In one month, the balance of the top 100 KNC whales has grown by a total of 30.6 million KNC (~$48.1 million at the time of writing). In the same time frame, the top 100 LEND whales accumulated an additional 39.6 million LEND (~$10.1 million at the time of writing) to their collective bags, while the top 100 REN whales added 5.3 million REN (~$850,000 at the time of writing) more to their holdings.
It’s not just the biggest holders that have been accumulating REN, LEND, and KNC as of late – the amount of ‘retail holders’ has also been experiencing strong growth into the rally.
Explore research data on Nairalytics from Nairametrics
Since the start of the month, the number of addresses holding more than 1000 REN (~$150 at the time this report was drafted) has risen by 550, the number of addresses holding more than 1000 LEND (~$250 at the time of writing) has increased by 817, while the number of addresses holding more than 100 KNC (~$157 at the time of writing) has grown by an additional 150.
