Nearly Half A Billion In Bitcoin [BTC] and Ethereum [ETH] Combined Locked Into DeFi Market
DeFi, short for Decentralized Finance (DeFi), works towards offering rankings and analytics of DeFi projects to help traders keep track with what’s going on in the crypto market. According to the latest analytics by DeFi Pulse, DeFi has a total market dominance of 59.46%, which reflects a total locked value of $473M in Bitcoin [BTC] and primarily Ethereum [ETH].
Still novice among other analytic services, the DeFi allegedly works based on a “self-operating code-based system that can’t be tampered with (ignoring hacks),” reports the news outlet.
Upon visiting DeFi Pulse’s official website, the top 18 exchanges and applications housing said assets has been listed. Each one that has since made the list either offers lending, derivatives, DEXes, payments and assets-related services.
As seen below, Maker, which houses decentralized stablecoin, collateral loans and community governance, takes the cake with nearly $280 million USD locked in, followed by Compound, a platform devoted to developers ($94.8 million), and InstaDApp, which is deemed “Your Bridge to Decentralized Finance ($25 million).”
The rest of the rankings appear to be neck-in-neck including Synthetix ($18 million), Uniswap ($17.3 million), Nuo Network ($15 million), Dharma ($11.6 million), etc. Lightning Network is the only one to house Bitcoins ($9.7 million), while the remaining 17 only seem to focus on Ethereum.
Of the 18 ranked services having a relatively large locking of either ETH or BTC, 33.33% offers lending services, 22% offers derivatives, 16% offers payments and DEXes related services respectively, and 5.5% offers assets.