The DeFi movement is riding the wave of success as the projects are gaining popularity these days.
It’s been just revealed that the total value locked in decentralized finance (DeFi) has annihilated $11 billion, according to DeFi analytics platform DeFi Pulse, says the online publication the Daily Hodl.
It’s been reported that the DeFi platform illustrates the red-hot streak of the total value locked (TVL) across decentralized finance protocols this year.
DeFi remains one of the fastest-growing sectors
DeFi seems to have the ability to remain one of the fastest-growing sectors in the crypto industry. In a month, crypto assets that are locked in DeFi went up nearly 50% from $7.34 billion on August 28th to $11 billion today.
According to the online publication, the Daily Hodl based on TVL, Uniswap (UNI), Maker (MKR), and Aave (LEND) are the top three DeFi protocols.
“DeFi Pulse reveals that over $2 billion in crypto assets are locked into UNI while $1.95 billion and $1.49 billion are locked in Maker and Aave respectively. All three DeFi platforms run on the Ethereum blockchain,” the online publication mentioned above notes.
It’s also important to mention the fact that DeFi Pulse monitors the TVL of 42 protocols that have use cases such as lending, derivatives, decentralized exchanges (DEXes), assets, and payments.
It’s great to see that DeFi has grown exponentially over the last two years.
Back in 2018, the nascent sector used to have a total of $180 million in value. The great news is that by September 2019, the number mentioned above number skyrocketed to $1.22 billion.
Check out more exciting data on the official website.
DeFi revolution is bullish for Bitcoin and Etehreum
Not too long ago, we were addressing the fact that the massive DeFi revolution is bullish for both BTC and ETH as well.
DeFi analyst David Hoffman thinks the rise of Bitcoin-pegged assets on Ethereum is a bullish development for both Ethereum and BTC.
