• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

Data: Despite Ethereum & Altcoin Crash, DeFi is Going Viral in China

Nick Chong by Nick Chong
6 months ago
in Ethereum
Reading Time: 2min read
Data: Despite Ethereum & Altcoin Crash, DeFi is Going Viral in China
Advertisement

After a parabolic rally, Ethereum’s decentralized finance (DeFi) is starting to go semi-viral on China.

This comes after months of a number of commentators noting on Twitter that DeFi hasn’t been appealing to Chinese investors due to a lack of Chinese education and user interfaces.

Analysts are optimistic that the introduction of new markets into the decentralized finance space will spur even more growth, both in terms of these protocols and in the values of coins like Ethereum.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

DeFi Is Exploding In China… Finally

According to the founder of the Ethereum DeFi investing platform Staked, Cole Kennelly, “the number of WeChat searches for DeFi is at record levels.” On September 2nd, the social media app recorded nearly one million searches for the term; around 1,000% higher than it was just two to three months ago.

The number of WeChat searches for #DeFi is at record levels.

Almost 1 million unique searches on September 2. 👀 pic.twitter.com/3cndAmmGa8

— Cole Kennelly ⬙ 🦄 (@ColeGotTweets) September 7, 2020

One popular Chinese crypto commentator that goes by “Molly” on Twitter corroborated the growth of DeFi in the region. On Sep. 1, she wrote that there has been an influx of both human and financial capital put to this crypto market segment:

“DeFi is getting started in China now. only few WeChat groups were discussed, farm , and trade about it before. For the past few days, there are more people got into DeFi, there are even groups put money together made a “farming fund”, and many people are planning their own projects.”

Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop

More Growth to Come For Ethereum’s DeFi Space

Analysts say that the Ethereum DeFi space is on the verge of a macro growth cycle, not on its way to zero as some critics have suggested.

Andrew Kang, the founder of Mechanism Capital and a notable DeFi analyst, wrote earlier this year:

“Long story short, smart money is starting to trickle in, with a lot of peripheral money potentially snowballing in after. And I didn’t even get to greater retail. DeFi development is hitting an inflection point. Those that have follow the space know how hard it is to keep up with the new projects even when researching on a full time basis.”

Qiao Wang, a former Messari team lead and trader, has echoed the optimism about the long-term prospects of DeFi. He recently stated that the vast amount of capital locked up in “old school BTC/ETH killers” goes to show how much growth potential DeFi really has.

Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop
Photo by Hanny Naibaho on Unsplash
Price tags: ethusd, ethbtc
Charts from TradingView.com
Data: Despite Ethereum & Altcoin Crash, DeFi is Going Viral in China
Tags: chinaDeFiethbtcethereumethusdWeChat
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

2 Reasons Why Ethereum Could Reclaim Record Highs Above $2,000

2 days ago
Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

3 days ago
Ethereum

Analyst Explains Why Ethereum (ETH) Could Hit $5,000 in 2021

7 days ago
Ethereum Triangle Breakout Shifts Price Target to Over $2,000

Ethereum Triangle Breakout Shifts Price Target to Over $2,000

3 weeks ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Nears All-Time High Despite Alarming Bearish Signals

3 weeks ago
Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

1 month ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.