The decentralized finance (DeFi) industry continues to grow rapidly. According to the data of DefiPulse.com, the total value locked in DeFi reached $ 4 billion.
DeFi markets are markets where blockchain, digital assets and smart contracts are used in financial services such as borrowing and lending to provide financial services without the need for a central authority.
The new threshold now means that $ 4 billion is locked between smart contracts, protocols, and decentralized applications (dApps based on Ethereum). The DAI stablecoin of MakerDAO, the largest DeFi provider, accounts for 30% of the DeFi markets with a locked asset of $ 1.23 billion.
DeFi optimism and Ethereum rally
Ethereum performed a 50 percent rally both due to the expectation of Ethereum 2.0 and the optimism surrounding the DeFi markets.
Ethereum has been trading at $ 355.46, with a 3.40% increase over the past 24 hours. Although there is a correlation between DeFi applications and Ethereum price, they are not completely connected.
Earlier this week, the crypto market analytics firm Messari DeFi reported that the industry is only 1.5% of the entire crypto domain. The market value of DeFi is seen to be approximately $ 332 billion.
