Total Value Locked in DeFi Passed $20 B

by in DeFI News

DeFi TVL

Based on the data provided by DeFi Pulse on Wednesday, over $20 billion worth of cryptocurrencies is now locked in the booming DeFi industry.

Related: 2020: Summing up the crypto year

In early November, the entire value locked in DeFi was $10 B. During the last two months, the value doubled. The sum was attracted due to increased use cases, for example, lending, decentralized exchanges, trading, and derivatives.

The project with the highest amount locked is Maker holding over $3.98 billion. Next comes Aave ($2.64 billion) and Ethereum-based DEX Uniswap ($2.47 billion).

As for yield farming platforms, the leader there is BadgerDAO, which is a tokenized Bitcoin aggregator. TVL of this platform surpasses $555 million. Synthetix, with $1.98 B, is the first in the decentralized derivatives category.

However, things are not as great as it may seem. The $20 B indicator does not certainly mean DeFi adoption is increasing. Considering the US case, the grown value is a result of the 43% cost surge in ETH and other assets. Meanwhile, the number of actual assets locked up hasn't changed much.