After recently hitting an all-time high of $2 billion, Decentralized Finance [DeFi] is once again making headlines as it moves past $3 billion.
There’s No Looking Back For DeFi
The most decentralized wing of the crypto-verse DeFi has been taking the industry by storm. While several are have just started to explore the prospects of DeFi, a few others have been dwelling deep into the space. DeFi’s lending protocol, Compound Finance had undoubtedly elevated the popularity as well as the funds locked in DeFi.
Ever since Compound Finance released its governance token, COMP, the DeFi space has been recording new all-time highs almost every other day in terms of the total value locked. While DeFi had been struggling to go beyond $1.5 million, it consecutively surpassed all its previous all-time highs and earlier today, it finally pushed past $3 billion.
The chart acutely reveals that the total value stacked in DeFi had been moving in an upward trajectory since its existence, however, the last few months fueled this movement further accelerating its journey towards recording new highs. Many crypto influencers hinted at a bubble in formation, however, at the time of writing, a total of $3.02 billion was locked in DeFi.
Several from the community continued to laud Compound for locking an extensive amount of USD and for dethroning Maker, which had been dominating the DeFi space for the longest time. However, Compound Finance turned out to be a mere nine days’ wonder as Maker recently regained its position as the star of DeFi. During press time, Maker accounted for $633.2 million and Compound for $581.7 million out of the total $3 billion locked in DeFi. Maker had a total of 21.05 percent dominance over the DeFi space.
Additionally, the total ETH locked in DeFi also hit an all-time high of $3.8 million.
DeFi’s Rising Stars
Compound, Maker, and Synthetix have been touted as the most popular platforms of DeFi. However, new DeFi protocols have been garnering the attention of the community by stacking increased value in the space.
The lending platform, Aave recently overtook Synthetix’s third place on DeFi as it locked a total of $480.9 million. This fairly new platform’s token LEND reportedly observed a 712 percent gain in the first half of 2020.
Decentralized exchange, Curve Finance wasn’t far behind as it had recorded a whopping 43.59 percent increase since yesterday. It currently accounts for $272.9 million of the total value locked in DeFi.