The decentralized finance industry is still evolving at a rapid pace. Its total value locked has recently surpassed $3.5 billion, and is well underway to hit $4 billion soon. More and more projects succeed in managing over $100 million
Ongoing DeFi Growth
The ongoing evolution of the DeFi ecosystem cannot be ignored nor denied. Cryptocurrency enthusiasts are looking for ways to put their portfolio to work and generate some form of passive income. Whether it is through lending, derivatives, or other solutions, the total value locked in decentralized finance continues to grow at an accelerating pace.
Over the past 30 days, the TVL – total value locked – in DeFi has nearly doubled. An increase from just under $2 billion to $3.69 billion has been recorded. That is an incredibly steep curve, yet one that shows no real signs of slowing down as of yet. If this growth continues, there will be over $ billion in total value locked before the summer of 2020 has come to an end.
Maker Reclaims the Throne
In recent weeks, there has been a proverbial tug-of-war between Maker and Compound. Both platforms focus on providing lending services on the Ethereum blockchain.
Thanks to some steep growth over the past few days, Maker has been able to surpass $1 billion in total value locked. Over $350 million in Ether has been added to this platform since July 24, further confirming the platform hasn’t lost any of its appeal.
For Compound, the growth has been a lot slower. Although over $134.5 million in value was added on July 27, there have been an exodus of funds in the week prior. It is not uncommon for DeFi users to shift their funds between different platforms and get the most bang for their buck.
10 Platforms in the $100 Million Club
Competition has been heating up significantly in the DeFi industry. All of the different platforms are trying to attract users and their current holdings. So far, 10 platforms have succeeded in managing $100 million in assets or more. This confirms that there is healthy growth and competition all across this industry.
It is interesting to note how Yearn.Finance has quickly risen to $118.9 million in total value locked. As a new contender in the DeFi space, that growth is remarkable. Other established platforms, such as Curve Finance, WBTC, Aave, and Synthetix also note decent growth. Keeping a close eye on the evolution of these rankings may prove worthwhile.