Maker (MKR) Reaches $1 Billion Mark in Assets’ TVL As Ethereum (ETH) Gains 40% In A Week
- Maker is the first DeFi project to reach a total locked value of $1 billion.
- The total value locked in DeFi grows nearly 700% in the past year.
The focus has switched to DeFi projects as the field emulates the 2017 ICO pump period with massive amounts of money flowing to these decentralized platforms. Unsurprisingly, Maker, the DAI-producing lending platform, became the first DeFi project to lock a billion worth of crypto assets as its primary collateral, Ethereum (ETH), experienced a 35% surge in the past week.
The total value locked, or TVL in short, measures the difference in the amount borrowed and loaned on DeFi platforms. Currently, Maker’s TVL stands at $1.001 billion in their coffers for lending purposes. The sharp rise in Maker’s TVL has seen the DeFi project reclaim the top spot in the DeFi Pulse rankings with 28% of the total DeFi space TVL.
Congratulations to @MakerDAO for becoming the first DeFi protocol to hit $1 billion dollars locked 🚀🚀🚀 pic.twitter.com/eHaARUKuRL
— Anthony Sassano | sassal.eth 👨🌾 (@sassal0x) July 27, 2020
At the start of last week, the total assets held in Maker stood at $626 million before an explosive ETH – gained 35% in the past week – shot the TVL through the billion-dollar mark.
Total assets locked in DeFi experience 700% surge
The total DeFi market TVL reached the billion-dollar mark earlier this year in February before the Black Thursday crash brought Maker to its knees. Since the DeFi market has experienced a 300%+ surge in the number of assets locked, and looking a year back; the TVL has grown an astonishing 680% from $470 million.
Ethereum just blasted through $300.00 😶… will ETH finally start the (dare I say it) bull-market, like it did in 2017??
I mean, even prior Bitcoin maximalists are now announcing ETH purchases.
— Omar Bham (Crrrrypt0) (@crypt0snews) July 25, 2020
With the DeFi market growing and ETH awaiting the proof-of-stake (PoS) in its upcoming switch to ETH 2.0, can ETH and DeFi projects start a bull market similar to 2017’s ICO boom?