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.
Crypto Friendly Banking App Is Now Among Europe’s Top Fintechs
WaBi Guide: The Youngest Class Of Cryptocurrency Explained
Decentraland ICO Crypto Finally Opens After Three Years
“The users are in control of the digital assets, which is something that hasn’t happened before. I think that over time players will gravitate toward games where they are more in control.”As per the other Decentraland news, HTC announcing that the altcoin MANA will be their strategic partner, MANA spiked almost two times against the US dollar. For those of you who are asking themselves why these unique crypto assets are part of HTC and Samsung’s plans, the truth is that both smartphone manufacturers believe that their potential exceeds the realm of payments and goes above and beyond the popularized cryptocurrencies in the likes of Ripple, EOS, Litecoin, Stellar and TRON.
0x Developers Launch Liquidity Aggregation Tool: Report
“There are tons of projects that use the liquidity from individual DEX networks, but the liquidity isn’t connected. Our goal is to provide the best price for any token trading pair on the market...it’s pretty much guaranteed with 0x API because we’re just pulling from networks that have the best prices.”For example, while 0x is quite liquid when it comes to popular trading pairs such as DAI and ETH or USDC to DAI, he says that there’s a lack of liquidity on other coins such as Augur that could be more liquid on another network. 0x wants to solve this problem by creating an order that will be split between all DEX networks and returning back the best price there is. With only a few code lines, the 0x developers can now connect to the API and get a quote in the back end so they will be able to execute the transaction at the best prices. Taylor continued:
“We want to be the most liquid decentralized exchange, but we also want to provide developers the best price. If that’s not on 0x native liquidity, we’re happy to give them on Kyber, for example, because that’s a better developer experience. ‘’0x API does not have a bridge with dYdX which is a margin lending exchange that started sourcing liquidity from 0x in 2019. The platform has a closed pool as Matt explained so while the maker that uses 0x API could potentially make an order on the margin trade on dydx, there is not a single possibility on the taker side to fill dydx trades via 0x API.
Retail Crypto Sentiment Flips Bearish For 1st Time In 2020
Tim Draper Left Stocks For Bitcoin 6 Months Ago
Binance UK News Show Buying BTC Is Now Easier Than Before
CommerceBlock ICO Review: Should You Invest In It?
Where To Buy Monero XMR As A New Investor
Dash Partners With Simplex, Offering A Fiat On-Ramp To Its Users
BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year
Litecoin Prints Many Buying Signals Which Could Prove Bullish
This Coin Saw Major Growth But Has Strange Downside Potential
Ripple And Coinbase Are Among 10 Biggest Companies In 2020
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News6 days ago
Enjin Goes Live On The Ethereum Mainnet: Report
- Bitcoin News6 days ago
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
- Vechain News5 days ago
VeChain Announces Schedule And Election Of New Members
- Bitcoin News5 days ago
Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels
- Bitcoin News6 days ago
Where And How To Spend BTC In 2020: The Ultimate List
- Libra News5 days ago
EU Does Not Know What To Do With Facebook’s Libra Coin
- Binance Coin News5 days ago
Binance Coin Declines To $22 After Bouncing Back
- Altcoin News5 days ago
Buy Top Products From Taiwanese Brands With Gifto (GTO)