The Ethereum-based DeFi protocol named Maker is still dominating the world of decentralized finance (DeFi) but the competitors such as Compound and Synthetix are rising and have shown strong growth in 2019.
Known as “the creator of the world’s first unbiased currency” DAI, MakerDAO enjoyed a first mover advantage in the burgeoning DeFi market. The project had around $850 million worth of collateral which was locked in DeFi smart contracts – and a dominance of 57% with almost half a billion dollars in locked value.
Meanwhile, the cryptonews showed that the DeFi market grew exponentially last year and Maker is still dominating it. As a reminder, the total market cap of DeFi is more than half a billion dollars in locked value – and only one year before that, the value was $250 billion.
While Maker is still dominating DeFi, its dominance is even more pronounced in the lending markets where the cryptocurrency powers around 78% of the total value that is locked. Now, we can see that Maker was the only DeFi protocol which locked in the significant collateral.
However, competitors have emerged over the course of last year. And even thoughMaker is still dominating DeFi, there are a lot of companies which took away some of Maker’s market share. Therefore, if we need to make a Maker crypto price prediction, the results won’t be very valid or accurate.
Most notable in the list of competitors is Compound, which grew with the wider DeFi market and boasted six times the total value locked in US dollar terms compared to the one that the project had at the start of this year. Right now, the compound protocol has more than $150 millon in assets locked in collateral which span eight different markets.
Another competitor is Uniswap, a token exchange protocol and a luqidity pooling platform known in the altcoin news. This project grew its total locked value from $470 to $50 million in 2019. Ether and DAI dominate the Compond contracts with approximately $65 and $24 million worth in its protocol accordingly.
With a total of eight major leanding protocols, a few of the recent entrats saw staggering growth. As DeFi Rrate posted before, Nuo Network grew by 66,000%, with bZx and InstaDApp both soaring by almost 30,000% in terms of value locked.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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