If 2020 was the summer of DeFi, 2024 will be the summer of Bitcoin, writes Frank Chaparro, director of special projects at The Block, and Laura Vidiella of MNNC Group. Bitcoin's dominance has risen 10 per cent since the start of the year, reaching 59 per cent on August 5 - a three-year high. Meanwhile, DeFi's dominance has fallen sharply, recently hitting its lowest level in three years. The article notes that this does not necessarily mean the "demise" of DeFi. In July, the volume of decentralized exchanges reached an all-time high of 13.9%. In addition, after the spring surge, the number of new tokens launched on DEX remained stable throughout the summer, thanks in part to the explosive growth of memecoin on Solana. Meanwhile, DEX futures volume as a percentage of CEX futures volume was 6.6% with 15 days left in the month.