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DeFi Update: Total ETH Value Locked in DeFi Lending Apps at ATH

Defi

  • DeFi applications on the rise as lending grows across the industry.
  • Maker DAO leads the field with 70% dominance in total value locked in ETH.

Decentralized finance (DeFi) applications are taking root in the cryptocurrency industry as the value locked in these applications keeps rising – at least in cryptocurrency terms. The total value locked in DeFi apps currently stands at $658 million in dollar terms, representing over 200 percent spike in value in the past year. The ETH value locked in DeFi apps is at its highest point ever at 3.523 ETH locked across lending, DEX’s, derivatives, payments and assets.

Total value locked in lending DeFi apps grows by 40% since June

The exponential growth in lending apps has contributed highly to the overall DeFi space, with Maker DAO the leading DeFi app. Across the DeFi classes, lending apps hold the highest value and have seen a spike in ETH stored in the past year. The growth in ETH stored across Lending DeFi apps, exploded to 2.4 million ETH stores across the apps from a mere 6,400 ETH in December 2017 (launch date).

A year ago, on Nov. 13, lending DeFi apps crossed the million ETH mark for the first time ever. A year later, the apps are setting all-time highs in ETH value which shows the increasing adoption of decentralized finance across the world. The staggering pace of DeFi apps is highlighted further by the 40% spike in value since June this year.

While the crypto market faced a sea of red for the past week following BTC’s collapse from the $10,000 region, the value stored in DeFi apps appreciated in crypto value. The BTC value locked in lending apps stands at its highest point at 214 BTC.

Maker DAO leads DeFi lending apps

Maker DAO leads the dApps with over 70% dominance in value locked in ETH. The compound, InstaDapp, dYdX and Nuo network complete the top five highest value DeFi lending apps with $103M, $34M, $30M and $10M respectively. All the top seven lending DeFi apps are built on Ethereum.

Of the top 14 DeFi apps (those with at least $1M locked), only one app is not on Ethereum, the Lightning Network.

Images from DeFi Pulse

The post DeFi Update: Total ETH Value Locked in DeFi Lending Apps at ATH appeared first on Coingape.



Source: DeFi Update: Total ETH Value Locked in DeFi Lending Apps at ATH

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