DeFi Eco-System Hits Whopping $4 Billion As Ethereum Price Explodes Past $300

Defi

Ethereum-based decentralized finance (DeFi) has taken the crypto world by storm in recent months as interest among investors continues to rise. The total value locked in the DeFi markets has grown at a fast clip to the extent of recently hitting an eye-popping $4 billion.

The price of ether has not been left far behind as it reaches $300 amid a market-wide rally. The world’s second-largest crypto has surged approximately 22% in the last 72 hours to break above the $300 level.

DeFi Is On Fire

The DeFi market is exploding. Notably, DeFi tokens have been registering massive increases in price, prompting listing by various top cryptocurrency exchanges.

The value locked in DeFi has also been on an upward trajectory. For those unaware, the value locked refers to the amount of money running through the ethereum smart contracts. This metric has been smashing highs after highs. On July 21, the total value locked in DeFi protocols hit $3 billion. The momentum did not falter as it reached a new all-time high of $4.11 billion four days later (July, 25) according to data from aggregator DeFi Pulse. At $4 billion, the total value has basically grown fivefold since the start of the year.

The three top decentralized peer-to-peer DeFi protocols dominating this space are Maker, Aave, and Compound. Stablecoin project Maker is the largest DeFi protocol with $875 million locked in its contracts. Aave comes in second at $639 million and Compound at $616 million. Read More…

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound