The growth of DeFi projects continues
The development of DeFi (decentralized finance) does not stop growing: the locked value reached USD 9.02 billion.
The year of the DeFi
The development of DeFi (decentralized finance) does not stop growing: the locked value reached USD 9.02 billion. This new record achieved is only the consequence of the great growth that DeFi projects have experienced in recent months. Everything seems to indicate that investor confidence in decentralized finance is growing steadily and strongly.
Within the ecosystem of DeFi projects, Aave continues to be the largest with a locked value of USD 1.71 billion; Behind are: MakerDAO accumulating USD 1.43 billion blocked, Balancer with USD 1.36 billion, Curve Finance with USD 1.26 billion, yearn.finance with USD 953.6 million and Synthetix with USD 871 million. In the last 24 hours, Yearn's YFI token experienced a 75% increase in its price, reaching USD 38,883 on the Binance cryptocurrency exchange and, in addition, managed to achieve a market capitalization of the token of USD 1 billion (a new record for YFI).
Just as 2017 was the year that ICO projects shone, 2020 seems to be the year of DeFi tokens: the performance of DeFi projects has outperformed Bitcoin this year and some of the tokens related to the ecosystem of decentralized finance has also performed very well this year, as is the case with LINK from Chainlink. Despite the great growth that the DeFi ecosystem is experiencing, most experts and players in the crypto industry affirm that certain problems such as security and ease of use still need to be solved to achieve mass adoption.