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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.
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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.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Philipp Tur
