According to DeFiMarketCap, the total value of tokens participating in the decentralized Finance protocols (DeFi) exceeded $2 billion.
The total market capitalization of DeFi products exceeded
$2 billion last weekend. And just a few weeks ago, this figure was slightly higher than $1 billion. This rapid growth of the industry indicates an increase in the popularity of decentralized Finance products – users are looking for ways to obtain loans and interest without the participation of bankers and traditional financial institutions.
DeFiMarketCap estimates the total cost of tokens associated with DeFi projects and protocols. Other sites, such as DeFi Pulse, estimate the total value of tokens blocked in DeFi products and used in liquidity and credit operations in DeFi applications.
Tokens of DeFi products acquire value when they are used in the Protocol. For example, the MKR token is used to maintain a stable DAI price at $1. The capitalization of the Maker Protocol is more than a quarter of the entire market capitalization of the DeFi industry and is at the level of $550 million. The second and third place in capitalization are 0x protocols with $322 million and Synthetix with $172 million.
The DeFiMarketCap project launched on April 13 and essentially offers a DeFi-oriented alternative to CoinMarketCap. The need for such products is growing in parallel with the increasing popularity of the DeFi industry and the launch of new applications. Recall that recently ConsenSys announced the launch of a service for analyzing token trades for DeFi-companies.