Friday, December 1, 2023

At the beginning of April, around $50 billion was stored in something called decentralized finance (defi). Then on March 12th, this total value locked (TVL) dropped to $42 billion. However, it quickly went back up again due to certain protocols such as Lido Finance, Aave and Justlend growing by double digits each month.

Exploring the World of Decentralized Finance (DeFi)

The value of something called “defi” has gone up 0.91% in the last 24 hours, and is now worth $50.22 billion. Lido Finance is the main protocol taking care of this money, or “TVL,” which stands for total value locked, and there’s around $10.94 billion of TVL at the moment. Lido is responsible for 21.77% of that $50 billion – meaning it makes up a big chunk – and its value even went up 19.75% in March!

Last month, Makerdao’s value (TVL) increased by 9.66%, to $7.7 billion, which is now lower than the value of Lido’s ($7.7 billion). Aave also went up 16.94%, and its value was at $5.55 billion at the start of this month. Plenty of other protocols are in-between Lido, Makerdao and Aave in terms of their size – these include Curve, Uniswap, Convex Finance, JustLend, PancakeSwap, Coinbase Staked Ethereum and Instadapp.

Last month, a lot of crypto-related things went up in value! For example, Lido increased by 19%, Coinbase Staked Ethereum was up 22.29%, and Rocketpool saw its stuff grow 18.47% higher. Plus Liquity rose 27.12%, and Bwatch grew 25.78%.

Right now, there is $50 billion held in something called a TVL. Out of this money, 58.6% is stored on Ethereum, 10.69% on Tron, 10.15% on the Binance Smart Chain (BSC), and 4.4% kept on Arbitrum. This means that Ethereum holds $29.39 billion and Tron has $5.36 billion.

In March, the amount of money held by Ethereum and BSC decreased but Tron’s rose 2.8%, while Arbitrum’s went up 13.93%. Some other winners from March were Mixin with a 16.32% gain, Defichain with 14.84%, and Kava increased by 18.52%.

Optimism and Fantom lost nearly 10% and 9% of their value over the last 30 days, while Polygon and Avalanche also dropped. Ethereum has the most “defi protocols”: 720. Tron is second with 17, followed by BSC at 568, then Polygon which has 399 defi protocols.

So far, the Ethereum blockchain has been used in transactions that are worth $4.54 trillion and $1.46 trillion volume on BSC and $215.22 billion on Avalanche. The value locked into decentralized finance hasn’t changed too much since May 2022. What do you think will happen in the future with this type of money? Will there be an increase or decrease? Let us know your ideas in the comments below!

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