The total value locked in decentralized finance (DeFi) has annihilated $11 billion, according to DeFi analytics platform DeFi Pulse.
The DeFi platform illustrates the red-hot streak of the total value locked (TVL) across decentralized finance protocols this year.
DeFi continues to be one of the fastest-growing sectors in the crypto industry. In about a month, crypto assets locked in DeFi surged nearly 50% from $7.34 billion on August 28th to $11 billion today.
Based on TVL, Uniswap (UNI), Maker (MKR), and Aave (LEND) are the top three DeFi protocols. DeFi Pulse reveals that over $2 billion in crypto assets are locked into UNI while $1.95 billion and $1.49 billion are locked in Maker and Aave respectively. All three DeFi platforms run on the Ethereum blockchain.
DeFi Pulse monitors the TVL of 42 protocols with use cases such as lending, derivatives, decentralized exchanges (DEXes), assets, and payments.
DeFi has grown exponentially over the last two years. In 2018, the nascent sector had a total of $180 million in value. By September 2019, that number skyrocketed to $1.22 billion.
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