The Total Value Locked (TVL) in DeFi Protocols Hits Record $27 Billion
The crypto space has been vibrant in the past 24 hours, with the recent pump of Dogecoin on everyone’s lips. However, one sector that has gone below the radar is the DeFi sector, which has experienced a bullish increase. At the time of writing, the total locked-In value in DeFi protocol has hit a record $27 billion.
Looking at the data from DeFi Pulse, over $2billion was added into DeFi protocols 24 hours. The recent surge in the value of tokens locked in defi protocols could result from the crypto space developments. The past 24 hours have witnessed unprecedented attention towards crypto-assets following the fall out of Wall Street bets.
This has resulted in massive rallies for top coins like Bitcoin, Ethereum, and most of the market. This has also trickled down to key DeFi tokens like Uniswap (UNI), Aave (Aave), and SushiSwap (SUSHI). This relative increase in value has pushed the DeFi Market cap to uncharted territories.
MakerDao Leads the DeFi Markets
MakerDao dominates the market with a total of $4.85 billion locked in its protocol. This represents a 5.87% increase in the past 24 hours. Lending protocol Aave comes in second with $3.86 billion locked within its protocol representing an increase of %3.79%.
Compound (COMP) rounds up the top three with a 7% increase in the past 24 hours and has $3.31 billion in its protocol. Popular decentralized exchange Uniswap still maintains its spot ahead of its nearest rival, SushiSwap. Uniswap has just over $3 billion in its protocol, while Sushiswap TVL is $2.08 billion.
Hitting the $27 billion mark is remarkable for a sector that only just hit $17 billion three weeks ago. 2020 was the year of the DeFi sector, which hit mainstream crypto relevance with the rise of several protocols. 2021 looks like the year when DeFi could consolidate with more traditional crypto platforms developing DeFi ecosystems.
It will be interesting to see whether the DeFi sector can hit the $30 billion mark before the end of February. At the moment, the market sentiments are high, and the growth continues to confound expectations.