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- 1 DeFi evolution has enabled everyone to process peer-to-peer trades with each other and offer users control over their finances by skipping the traditional banking system at once.
- 2 The DeFi market will continue to grow and is expected to grow with an annual growth rate of 9.07%.
- 3 Statica says that the revenue from the crypto market is expected to grow at a pace of 8.62% annually and is expected to reach $71.7 Billion by 2028.
Following the constant development of blockchain technology, the adoption and growth of decentralized finance (DeFi) has surged significantly. DeFi evolution has enabled everyone to process peer-to-peer trades with each other and offer users control over their finances by skipping the traditional banking system at once.
DeFi witnessed a massive growth phase in 2021 when it entered the mainstream spotlight, shattering records left & right, with wallets ballooning and the DeFi Pulse Index growing by more than 150%.
An expert at ConsenSys quotes that “2021 outperformed 2020 at every moment.” According to CoinMarketCap, the market capitalization of the entire DeFi category grew by 2.13% and was $90,595,143,411.
Defi Market by 2027
The data by Statica claims that the DeFi market is expected to grow with an annual growth rate of 9.07% and reach $37 Billion by the end of 2028.
In 2023, the revenue of the entire DeFi market was $17.74 Billion. However, the crypto market has achieved significant milestones in the past few quarters. The predicted revenue for 2024 is $26.15 Billion (expected growth of 47.5%).
The Blockchain Council website highlighted the names of the top 5 DeFi projects, including UniSwap, Aave, MakerDAO, Compound, and Yearn Finance. DefiLIama data states that Pendle has a total locked value of $1.012 Billion.
A different report from Statica says that the revenue from the crypto market is expected to grow at a pace of 8.62% annually and is expected to reach $71.7 Billion by 2028. The industry’s user base will suppress the 992 Million by 2028.
Crypto Market Updates
In the past 24 hours, the crypto market capitalization grew more than 4.37% and was $1.78 Trillion as of writing. Bitcoin (BTC) surged more than 5.93% intraday and over 10.12% in the past seven days.
Some market observers believe there has been positivity in the market since the past few hours; the growth is majorly fueled by factors such as Ether spot ETF and the upcoming Bitcoin halving.
Solana (SOL) is among the gainers on the intraday list as its prices surged over 3% and crossed the much-awaited resistance of $100 when writing was trading at $105.28. Similarly, its market cap and trading volume also showed a significant boost.
THORChain topped the daily gainers list as it grew 17.31% and was trading at $5.38. The Bitcoin halving event will occur on April 19, 2024, and a significant boost in crypto prices is expected post-halving.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
