- Decentralized Finances has been one of the most spoken topics in the crypto space.
- DeFi or Decentralized finances is a term used to refer to digital assets, protocols, smart contacts, or even Dapps, which built on a blockchain.
- The DeFi feature page data in the DAppTotal.com website is the primary source of understanding the market trends of the week
Decentralized Finances has been one of the most spoken topics in the crypto space. Though it is relatively newer, the tools it offers in an open financial system has made it an important topic of discussion.
It is significant to understand the trends and movements of the DeFi market to sufficiently explore its features. Here is an overview of this week’s trends and updates in the DeFi market:
The DeFi feature page data in the DAppTotal.com website is the primary source of understanding the market trends of the week. Currently, data shows over 34 distinct DeFi projects whose total value is around 1.29 billion USD of locked-up funds.
Out of this 1.29 billion USD, almost 468 million USD locked by Ethereum’s crypto project, Maker alone. This accounts for up to 36.35% of the total locked up the amount and thus ranks first.
The second position accounts for 22.49% with USD 290 million, and the thirds position occupied by the smart contact platform Edgeware with USD 145 million accounting for 11.26%. 29.9% is accounted for by DeFi applications like Compound, Synthetix, dYdX, Nuo, etc.
At present, Ethereum (ETH) lockups value has reached up to 4.03 million USD. This accounts for a healthy 3.68 percent of the total circulation. The second position is the blockchain protocol system, Entrepreneurial Operating System, or EOS, with its total amount of lockups reaching 73.29 million USD.
This accounts for up to 6.99% of the total circulation in the EOS market. Some of the major events that have contributed to market fluctuations in the past week are as follows:
• The United States-based Development Alternatives Incorporated or DAI has announced that it will be increasing the Deposit rate to 7.75%.
• The International development company Dai has further increased the lending rate or the stable fee rate to 8%.
• Dai’s debt ceiling reached a whopping 125 million USD this week with Sai’s debt ceiling seeing a fall to 45 million USD.
• There was an 11.88% increase in the value of DeFi projects’ lockup position since the last week.