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It is now around US$15 billion, almost double the beginning of the month. This has driven a massive rise in the value (market capitalisation) of all the tradeable tokens that are used for DeFi smart contracts. Since the beginning of August alone it has risen by US$2.9 billion. You can listen to more articles from The Conversation, narrated by Noa, here.īetween September 2017 and the time of writing, the total value locked up in DeFi contracts has exploded from US$2.1 million to US$6.9 billion (£1.6 million to £5.3 billion).
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This refers to financial services using smart contracts, which are automated enforceable agreements that don’t need intermediaries like a bank or lawyer and use online blockchain technology instead. As reported earlier, the average gas fees on the Ethereum network are at over $22 – a record high level.One area in cryptocurrencies attracting huge attention is DeFi or decentralised finance. It’s also worth noting that the growing engagement with DeFi projects has caused congestion for the underlying technology behind most of the field. Three decentralized exchanges (DEX) follow – Uniswap $3.65 billion, Curve Finance $3.5 billion, and SushiSwap $3.1 billion. Namely, those are Maker with $6 billion locked, Aave with $5.76 billion, and Compound with $4 billion. Interestingly, the three leading projects accounting for the majority of the TVL are lending services. According to DeFipulse data, the total value locked had just breached $1 billion on this day last year. The TVL is a good example showing the growth of the DeFi sector in the past year. Simultaneously with the prices of DeFi tokens, the total value locked (TVL) in such projects has jumped to a new record of $35 billion.Īs such, it has more than doubled since the beginning of 2020, when it was just shy of $15B. Ultimately, the DeFi-tracking index offered by the popular derivatives exchange FTX has expanded by more than three-fold since the start of the year to a new record above $10,000. The asset is up by more than 225% in the past seven days and has neared its January 2018 ATH of $2.50.Īlthough Uniswap’s governance token, UNI, is slightly down since yesterday, it also recently reached a new price record of above $21.5. ZRX’s price has skyrocketed by 130% now to nearly $2. Just for reference, MKR traded at $560 at the start of 2021. MKR has expanded by 75% in a day and 110% in a week to an all-time high of its own at $3,000. Nevertheless, Maker and 0x have stolen the DeFi show. On a weekly scale, though, Compound has added a whopping 116%. Synthetix and Compound have gained 20% on a 24-hour scale to $22 and $533, respectively. Furthermore, the recently-rebranded coin is 85% up since Tuesday and almost 500% higher YTD.
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Furthermore, LINK is up by 120% since the start of the year when it traded at $12.Īave, the native token of the decentralized lending platform going by the same name, has surged by 15% since yesterday to $520. This became possible after a 9% increase on a 24-hour scale. The total crypto market cap marked a new all-time high today at over $1.170 trillion, and DeFi coins have attributed the most to these developments.įor starters, LINK, the native cryptocurrency of the most-widely used oracle network, Chainlink, registered a new all-time high of slightly over $27. At the same time, numerous DeFi tokens have exploded in price in the past 24 hours, including an all-time high for Chainlink and double-digit pumps for Aave, Maker, Synthetix, Compound, and more. The decentralized finance field continues expanding in all directions as the total value locked in various projects has tapped $35 billion.