The number of locked cryptocurrencies in DeFi hits $ 4 billion
The total value of cryptocurrencies stored in DeFi projects on Tuesday was at $ 3 billion. Now, that number is $ 4 billion.
Decentralized finance (DeFi) is continuing to grow at a rapid pace. Total locked value in these contracts has just reached 4 billion USD.
DeFi refers to decentralized, non-custodial financial products, such as decentralized cryptocurrency lending protocols and stablecoins. Most DeFi projects are built and operated on the Ethereum platform. The total value locked in DeFi means the amount of money running through its smart contracts.
This branch of industry is growing rapidly. On Tuesday, the total locked value in DeFi applications reached $ 3 billion, data site DeFi Pulse said. On Friday, three days later, it rose 30% to $ 4 billion.
And the speed at which DeFi is growing is increasing. DeFi reached 2 billion USD on July 7, two weeks before it reached 3 billion USD. DeFi's surge to nearly $ 4 billion in less than a week indicates that the field is growing faster than ever.
The three largest DeFi protocols are Compound, Aave and Maker (ranking positions change every day). These projects are all lending protocols, although Maker also operates Dai, a decentralized stablecoin.
Currently, Maker is the largest DeFi project by market capitalization. According to DeFi Pulse, $ 832 million of cryptocurrencies is locked in its contracts. There is 601.8 million USD locked in Compound and a similar amount in Aave.
According to CoinMarketCap data, Compuond is trading at $ 156.17, down 0.73% in 24 hours. Maker's price fell 2.59% today, trading at $ 502.14, while Aave was valued at $ 0.3065, up 7.15% in 24 hours.
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