Total Money Being Used on DeFi Platforms Exceeds $1 Billion for the First Time
The decentralized finance (DeFi) sector, which is comprised of blockchain-based financial institutions, has seen dramatic growth since New Years Day. The total value locked into these platforms has reached USD 1 billion for the first time, following a 50% increase in roughly 1.5 months. Indeed, over 80% of the industry is comprised of lending platforms according to DeFi Pulse, with MakerDAO being the most dominant platform by far with a 60% market share. There are crypto derivatives exchanges in the sector as well, such as Synthetix which is in 2nd place with a market share of 13%, in addition to decentralized exchanges (DEX) and payment services.