Dydx Processed $1.1 Billion Cryptocurrency Loans in 12 Months — 70% in Just 60 Days

Cryptocurrency lender Dydx advanced a total of $1.14 billion in digital asset loans over the past 12 months. But about 70% of the money was borrowed in just two months, February and March, as coronavirus-linked volatility triggered a frenzy of borrowing among investors.

Monthly volume remained below $100 million in the nine months to January but rose sharply between February and March to about $300 million and $400 million, respectively, the latest data from the company shows. More than $100 million worth of loans have been lent out so far this month, indicating a steep decline in investor appetite to borrow.

Cryptocurrency prices fell sharply during this period as coronavirus lockdowns sent markets crashing throughout the world. Ethereum, a dominant currency of exchange on Dydx, dropped below $100 at the time but has since recovered to above $180.

About 45% of the total loan portfolio, or $516.64 million, is denominated in ether while…