It is not uncommon to see one DeFi project leapfrog another in the overall rankings. Increasing the total value locked per platform is always a challenge. In the recent update, Maker has once again claimed the throne, but Uniswap remains a close second.
Maker is Back on top
The overall DeFi rankings – as depicted by DeFi Pulse – have undergone some interesting lead “changes” in recent months. As the total value locked in DeFi surpasses $10.35 billion, the top platforms will make their mark even more so than ever before. Whereas Unsiwap had recently claimed the top spot in quick succession, it is now relegated to second place. Not because the platform is losing TVL, though.
Instead, a lot of money has made its way to Maker once again. For Maker, there has been an influx of nearly $88 million over the past three days, A remarkable growth, although the DeFi industry has seen much wilder fluctuations in recent weeks. These rankings have also received an update through new metrics being used by DeFi Pulse.
It is also interesting to note how DeFi Pulse has seemingly “borked” statistics for Uniswap. On September 22nd and 23rd, the data aggregator noted no change in TVL. This was seemingly corrected the day after, netting a near $175 million decrease in Total Value Locked. This may have driven off some speculators, as such a steep drop in liquidity is rather unusual.
With Maker now back on top, one has to wonder how the rankings will evolve in the coming weeks. Numerous projects have successfully taken and lost the lead in quick succession. It is very difficult to remain on top of this industry, further illustrating the growing competitive nature of decentralized finance.
Green Across the Board
Looking at the statistics on DeFi Pulse, a very remarkable trend becomes apparent, All of the tracked DeFi platforms in the top 16 have noted an increase in TVL over the past 24 hours. The same applies to projects between rank 19 and 33. as well as 35 to 39 and number 41.
This confirms just 5 of the 42 tracked DeFi projects on this list have seen an outflow of TVL. Part of this growth is thanks to the Ethereum price recovering a bit in the past few hours. None of these platforms comes close to rivaling Maker, though.
Among the projects that note a negative TVL change, no difference is greater than 3.63%. As such, it is likely to assume the total DeFi total value locked will surpass $10.5 billion very soon. Returning to the peak of enarly $12.5 billion may require a bit more work.