The decentralised finance (DeFi) has been experiencing massive growth in recent months as the total value of assets locked approaches the $8 billion mark
The value of the DeFi ecosystem has surged considerably in value over the last month. Since the first week of the month, the total value of assets locked in DeFi is up by more than 85%, rising from $4.2 billion at the start of the month to $7.84 billion today.
The total value locked (TVL) in the DeFi economy is now quickly approaching $8 billion, as cryptocurrency funds are pumped into the surrounding infrastructure. Data from the website defipulse.com shows that the current TVL today is $7.84 billion. The DeFi lending platform Aave dominates the market by accounting for 21.46% of the entire value. Aave recently occupied the number one position as Maker was the leading defi platform earlier this month, with a 31.9% market dominance.
Yearn Finance protocol and its native YFI token has also been gaining traction in recent weeks. It is a platform that uses several DeFi applications like Aave, Curve and Compound to maximise lending schemes or yield. Yearn Finance gives farmers the best returns on all the liquidity within the DeFi ecosystem as farmers strategically use various liquidity pools.
The Yearn Finance token, YFI, has gained great value in recent weeks, with the coin reaching a high of $39,189 on Saturday. However, it has since lost steam and is currently hovering just above the $31,000 mark as it is down by 6% over the past 24 hours.
Curve Finance, Maker and Synthetix make up the top five
In addition to Yearn Finance and Aave, Maker, Curve Finance and Synthetix make up the top five DeFi projects in terms of the total value. Maker comes in second place, with $1.47 billion total value locked on the lending platform. Curve Finance occupies the third place after seeing its total locked value rise from $258 million at the start of August to currently stand at $1.16 billion.
Yearn Finance comes in at number four.
Completing the top five is Synthetix, a decentralised platform on Ethereum that tracks the value of real-world assets. Synthetix’s total locked value has been rising, going from $512 million at the start of August to now stand at $879 million.
Defi users have increased over the past month. On August 1, there were 293,475 DeFi users. However, this went up to 388,011 users on August 29, representing a 32% growth in the number of users. The increasing number of DeFi users shows that more people are becoming interested in the ecosystem, which could likely lead to further growth over the coming months.