Over $20 Billion Locked In DeFi

Over $20 Billion Locked In DeFi

$20 Billion Is Now Locked in DeFi Projects Worldwide

In brief:
$20 billion worth of cryptocurrencies is now locked up across various DeFi protocols.
Maker, the issuer of the DAI stablecoin, locks up the highest amount compared to other projects.
But despite the increase, data shows over 2.2 million Ethereum has been taken out of DeFi projects since October 2020.
More than $20 billion worth of various cryptocurrencies is now locked in the burgeoning decentralized finance (DeFi) space, as per data from analytics site DeFi Pulse on Wednesday.

While $10 billion was locked in DeFi protocols at the start of November last year, use cases like lending, decentralized exchanges (DEXs), payments, and derivatives, have attracted another $10 billion in the past two months alone.

Of that, the projects with the bigger total value locked (TVL) is Maker, the governance protocol for the DAI stablecoin, with over $3.98 billion. Lending project Aave is next with $2.64 billion, while Ethereum-based DEX Uniswap comes third with $2.47 billion.

Among other use cases, Synthetix takes pole position in the decentralized derivatives category with $1.98 billion in TVL. Meanwhile, tokenized Bitcoin protocol BadgerDAO holds the most assets among “yield farming” platforms, with over $555 million locked up.

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