The total value locked in the Ethereum-dominated world of decentralized finance, or DeFi, has reached a major milestone, crossing the one billion-dollar mark.
According to DeFi pulse, the world’s top 10 decentralized finance platforms include a list of Ethereum-based platforms, with one exclusion: the Lightning Network.
- Maker, an Ethereum-based lending platform
- Compound, an Ethereum-based lending platform
- Synthetix, a tokenized trading platform offering exposure to major currencies, commodities, stocks, and indices
- InstaDApp, a “trustless” smart wallet for DeFi apps
- Uniswap, an Ethereum-powered protocol for facilitating automated digital token swaps
- dYdX, an open trading platform for crypto assets
- bZx, a financial primitive for shorting, leverage, borrowing and lending digital assets
- Bancor, a standard for converting between different crypto tokens
- Lightning Network, a layer-two solution for boosting speed and lowering cost of crypto transfers
- WBTC, a multi-institutional framework for “wrapping tokens” on Ethereum.
Leading decentralized exchanges, or DEXes, including Bancor, Uniswap and Kyber, contribute as much as $74.5 million in total value to the DeFi ecosystem.
The total trading volume on DEXes has surpassed $10 million in the past 24 hours, according to Dune Analytics.
As the DeFi movement continues to expand, Ethereum is showing its versatility, with developers building a wide slate of products. All but $8 million in value flowing through the Lightning Network, a layer-two Bitcoin scaling solution, is powered by Ethereum (ETH), the world’s largest cryptocurrency platform for building and deploying decentralized applications.
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Featured Image: Shutterstock/Philipp Tur