Following the trends in the decentralized finance (DeFi) industry, this year has proven to be promising compared to the previous years. In recent months, the value of assets locked in the entire DeFi industry surged massively, as many cryptocurrency traders/investors were caught with the high returns flaunted by several DeFi protocols.
The whole attention was drawn to the DeFi industry following the recent yield farming activity that promised investors a ‘crazy’ ROI. Many people believe significantly contributed to the value of the growing assets in DeFi. Meanwhile, a glance at the DeFi Pulse today shows that the total value locked (TVL) in DeFi protocols has surpassed the $11 billion mark.
DeFi Industry Sees Over $11 Billion in Assets Locked
Within a period of four days, the DeFi industry has garnered about $11.11 billion in assets locked from the previous valuation of about $9 recorded on September 24. Following the data from DeFi Pulse, the industry analytics platform, the newest assets valuation is about $840 million short from the highest record at $11.97 billion, which was reported on September 23.
Looking at the individual protocols in the industry, Uniswap, the largest decentralized exchange (DEX), is currently the protocol with the highest value of assets locked. Per DeFi Pulse, there are more than $2 billion crypto-assets locked in the day exchange. On that record, Uniswap has been rated as the top protocol in the entire DeFi industry, with a market dominance of over 18 percent.
Leading DeFi protocols
Maker and Aave follow Uniswap as the top three DeFi protocols, respectively. Maker, a lending platform, sees around $1.95 billion at the same time, while Aave has $1.53 billion. Some other leading protocols include Curve Finance ($1.26B), WBTC ($952.2M), Compound ($879.0M), yearn.finance ($774.9M), Synthetix ($637.5M), Balancer ($475.8M), SushiSwap ($372.0M) and so on.
About the cryptocurrency assets, however, Bitcoin (BTC) and Ether (ETH) are notably the mainly locked digital currencies on DeFi protocols. With the help of tokenization platforms, Bitcoiners are now able to use the cryptocurrency in the form of ERC-20 tokens (WBTC, tBTC, etc.) in the industry which is rooted in the Ethereum blockchain. At the moment, about $1.4 billion worth of Bitcoin (130.8K BTC) has been locked on several DeFi protocols.
Additionally, as high as 8.272 million ETH has been locked so far, which is currently worth $2.9 billion, in accordance with the cryptocurrency’s price on Coinmarketcap.