• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / The Amount of Value Locked in DeFi Just Hit $9 Billion
The amount of value locked in DeFi just hit $9 billion

The Amount of Value Locked in DeFi Just Hit $9 Billion

August 30, 2020 by Reena Shaw

DeFi is growing faster than ever

The decentralized finance economy has grown massively this year and as of the time of writing, the industry is now worth $9.017 billion, according to the on-chain data resource DeFi Pulse. Total Value Locked [TVL] essentially means the amount of money running through its smart contracts.

The industry has grown incredibly quickly with its TVL figures surging by more than 119% over the course of just one month.

DeFi

With a large portion of DeFi-based applications, tokens, and services hosted on the Ethereum network, its native token, ETH locked in it has also surged to a new all-time high of 5.229 million. This, in turn, has reignited bullish projections in terms of ETH’s price which stood at $404, at the time of writing.

ETH 5

Race for first place in DeFi’s TVL intensifies

Recently ousting Maker for the position of the biggest DeFi protocol was Aave [which was previously known as Ethlend] with a dominance of 18.98% over the last 24-hours as its TVL [USD] reached $1.71 billion. One of the significant factors of Aave lending protocol outpacing previous front runners was its LEND token which soared more than 4500% since the beginning of the year.

Adding to the surging popularity was the recent development of the issuance of a license to Aave’s U.K. business entity, Aave Limited by the Electronic Money Institution.

Meanwhile, Maker settled for the second-biggest position with $1.43 billion locked in smart contracts. Trailing not far behind was Curve protocol with a figure of $1.27 billion.

This was followed by Yearn.Finance at $956.3 million. Interestingly while it neared the coveted league of $1 billion TVL protocols, its native token, YFI recently hit a new all-time high following its listing on Aave’s platform and a hint at a partnership with the crypto-derivative platform, FTX.

Referring to the collaboration news, Founder of the project, Andre Cronje tweeted,

Guess the cat is out of the bag, but just so that there is some expectation management, this is a long roadmap that we are working on, so it won't be anything anytime soon. But there will be something very sexy in the future https://t.co/QtxKUXLnma

— Andre Cronje (@AndreCronjeTech) August 28, 2020

Filed Under: News Tagged With: Compound, DeFi, MakerDAO, Yearn.Finance

Primary Sidebar

Recent Posts

  • DeFi’s TVL Surpasses $60 Billion As Institutional Interest Surges April 18, 2021
  • Tron’s DeFi Ecosystem TVL Surges Past $15 Billion April 18, 2021
  • Dogecoin [DOGE] Becomes 6th-largest Crypto As Projections Remained Bullish April 18, 2021
  • Turkey’s Opposition Leader Calls Out Government’s Untimely Crypto Ban April 17, 2021
  • Litecoin [LTC] To Encounter A Small Blip Before Its Big Breakout April 17, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.