There is a lot of activity where Ethereum DeFi is concerned. Many people still favor the concept of decentralized finance and the returns it can provide. InstaDApp has entered the top three lately, pushing Compound and Maker further down the rankings.

The Rise Of InstaDApp

It is not too surprising to see lending services gain more momentum in the DeFi space these days. Decentralized borrowing and lending are crucial elements of this industry. Three of the top Ethereum DeFi protocols focus on lending right now, confirming there is a growing interest in this concept. Even though Aave remains the industry leader in this segment, competition appears to heat up lately.

One of the “surprising” protocols in the top 3 by TVL is InstaDapp. Not surprising because it is an unknown or new solution. Instead, its total value locked has seemingly skyrocketed without many people taking notice. The statistics confirm the TVL for this Dapp has been on a steady rise since late May 2021. The growth curve picked up speed in late June and late July and shows no sign of slowing down.


Such a strong increase in TVL has to originate from somewhere. Curiously, it would appear that a hefty influx of the DAI stablecoin is a reason for this sudden growth. The ETH balance has stagnated for a while, although it has a good run in June and July 2021. An exciting development, all things considered. 

Moreover, InstaDApp has undergone three audits, with the most recent one dating back to mid-March 2021. Audits are not a guarantee for a safe project or trustworthy code, but they can offer some minor credibility for the project as a whole. More audits can be a good sign, although they are not necessarily a metric to confirm viability. Three audits in a year show some commitment by InstaDApp, though.

Compound And Maker Drop Down

In a somewhat unexpected development, neither Compound nor Maker is in the top 3 by TVL. Both solutions are similar to InstaDapp Ethereum-based lending solutions. However, their TVL is significantly lower than the competitor, which is intriguing to behold. Although both platforms are still trendy today, it would appear there is less interest by users to deposit funds there.

Despite this change in rankings, Compound still represents over $10.3 billion in TVL. For Maker, that figure sits at $9.15 billion. Both values are more than respectable, yet it is evident that competition keeps heating up in the space.  It will be interesting to see how solutions like Liquity and Alpha Homora fare over the coming months. Those are two other Ethereum-based lending solutions that have over $1.1 billion in TVL today.