Total Ethereum Value Put into DeFi Apps Breaks Previous Record by 12.5% Per DeFi Pulse Analytics
It has been recently revealed via analytics and rankings firm, DeFi, that the total Ethereum value locked in within its protocols has surpassed its previous record. In particular, news outlet DeCrypt reports, that this number is currently 2.7 million, which has gone up by 12.5% since October 2019.
Said increase indicates that Ethereum-based DeFi applications are evidently on the rise. Interestingly, this growth was witnessed within the span of the first half of 2019, where initially 55,000 ETH was locked and 2.2 million by mid-April reports the news outlet. After some hiccups, the increasing trend continued from August (2.3 million) up until now.
As per DeFi’s tracking website, Maker (MKR) currently contributes the most to the amount of Ethereum locked in DeFi (77.8%), followed by Compound (12.5%) and InstaDapp (8.3%).
Maker is the creator of the stablecoin Dai, tailored for business and individual transactions. It actually houses a two-token system, with the other token being MKR, which is described as a governance token for the purposes of managing DAI and maintaining the system.
As for its current achievements, Maker supposedly launched a multi-collateral version of its stablecoin. Previously, ETH was the only token that traders can use as a collateral for Dai-based loans. However, this has since been upgraded to include options such as Basic Attention Token (BAT), Augur (REP), Golem (GNT), 0x (ZRX), DigixDAO (DGD) and OmiseGo (OMG).
Then we have Compound, which is described as an algorithmic money market protocol that permits users to generate interest or borrow assets against collateral. Recently, the firm completed a $25 million Series A fundraising led by venture firm, Andreessen Horowitz.
Finally, InstaDApp offers an interface on top of the MakerDAO protocol targeting users who lack technical or financial experience. Similar to Compound, InstaDApp just raised $2.4 million. Said funds will be used to further expand on its smart wallet so that users can easily execute advanced transactions through the DeFi portal.