Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln


Decentralized finance (DeFi) continues to grow at a fast pace, with more and more value getting locked up in the applications.

Today, the total value locked (TVL) in them has surpassed a whopping $100 billion, as per DeFi Llama. While DeFi Pulse currently shows just above $50 billion, it covers about half of the projects listed by DeFi Llama.

Lending protocol, Compound Finance, dominates the DeFi TVL with over $10 billion.

Interestingly, the sector's real growth started only last summer when yield farming drew in the crowd with exceptionally high APYs. At the beginning of 2020, the TVL was a mere $675 million and about $20 billion at the start of this year.

Today, there are nearly 25 DeFi projects with more than $1 billion in TVL.

The growth of DeFi intensified this year as other blockchains like Binance Smart Chain (BSC) provided users, particularly smaller ones, with a cheaper alternative to Ethereum (ETH). As of writing, BSC has about $27 billion in TVL.

Much like TVL, DeFi’s other metrics recorded similar growth, including the users who are aiming to hit the 2 million threshold after hitting the 1 million milestone only in early December, as per Dune Analytics.

Before the 2020 summer, only a handful of people were using DeFi projects, but today Uniswap (UNI) alone has nearly 1.3 million users. Meanwhile, Compound (COMP), 1inch (1INCH), Kyber (KNC), Balancer (BAL), and SushiSwap (SUSHI) all have between 100k to 300k users.

As more and more people come into the space and use these applications, the cumulative revenue of these protocols is also increasing, now aiming for $1 billion.

Popular DEX Uniswap yet again leads with more than $90 billion in revenue, up from just $4 million in July 2020. Other notable revenue generators include Compound, SushiSwap, and Aave earning between $30 to $40 billion.

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