DeFi On Roar, Hits $20 Billion Benchmark

  • The total value locked in all the DeFi projects is $20.57Bn
  • In the list, the DAI stablecoin is located in the first place
  • The sector got its most significant boost since the last quarter of 2020
  • The contribution of SUSHI and SNX token in the total value locked cannot be ignored 

More than $20.57 Billion Locked in Ethereum-based lending protocol; DeFi projects boom worldwide!

The total value locked in the whole decentralized finance (DeFi) projects has recently crossed the $20Bn benchmark level. The information is revealed after observing the data from the DeFi Pulse, an analytics firm. According to the data, total value locked with Ethereum-based lending protocol Maker is $20.57Bn. However, the issuer of DAI stablecoin, is at the first position in the list, with $4.12Bn of total value locked in it.

DeFi got its most significant boost in the last quarter of 2020

According to DeFi Pulse, last year, the DeFi sector started with a record of just $1 billion. However, following the months in the last quarter or Q4 2020, it was observed that the sector got its most significant boost ever. As at the beginning of the second month of the last quarter, the sector had a total locked value of $10 billion. Observing the sector’s current scenario, we can conclude that in just a couple of months, the sector has boomed more than ever before. As the total locked value in all the DeFi projects has accumulated $10 billion over the period.

How does the total value locked soared?

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The total value locked in DeFi applications against the expected increment in the number of tokens locked is actually characterized by a significant drop in the sector’s total number of assets. According to DeFi Pulse’s data, the total amount of Ethereum locked up in the sector has plunged from 9.4 million ETH to 6.8 million ETH currently. On the other hand, the amount of Bitcoin locked has also plunged from 65,000 BTC to 30,900 BTC currently. Considering the aforementioned statement, the recent bullish run of primary tokens in the DeFi protocols has helped surge in the total value locked in the sector.

Contribution of SUSHI and SNX can’t be ignored

Earlier this week it was observed that SushiSwap experienced a remarkable uptrend in its total value locked. According to a report of the CoinTelegraph, it is observed that SushiSwap attracted around 2000 BTC and 60,000 ETH in a single day. On the other hand, the Synthetix Network Token (SNX) with other DeFi tokens had significant growth of over 30%. However, observing these two tokens’ performance, it is impossible to ignore their contribution to the total locked value in all the DeFi projects.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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