The total market cap of DeFi exploded and it even surpassed $15 billion according to the metrics that we have today in our cryptocurrency news.
The growth is stunning as of August 9, the total market cap of DeFi hit $11 billion, and in a few days later it hit $13 billion. Now, it seems that we have hit another milestone as the total market cap of defi is $15 billion. The massive rise can be pinned to the prominence of Chainlink which is the decentralized oracle that is responsible for 49% of the entire market cap. Chainlink seems to be increasing every weekend and this one it resulted in a huge price increase of about 13% in less than a day. LINK is now the fifth biggest cryptocurrency by market cap and it is the only one dedicated to Defi.
The market capitalization refers to the token’s supply that is multiplied by the price. The total market cap of Defi is formed all of the DeFi related market caps totted up and this is different from the total value locked in DeFi. This is a statistic that refers to the amount of crypto locked up in smart contracts as most of the popular ones are non-custodial lending protocols. The total value locked in the protocols hits $6 billion, increasing by $1 billion on Friday.
As per the recent DeFi news, Ethereum will remain the dominant Defi platform despite the attempts of other blockchains such as TRON and EOS of trying to catch up. Most of the total value locked into DeFi is locked in Ethereum based platforms and it seems that things are going to stay this way.
The industry observers believe that Ethereum will remain the dominant D.F platform because the growth among decentralized finance enabling blockchains will come from other network effects as well as utility and capacity. With Ethereum boasting the first-mover advantage and the rapidly growing, it will be the best place to be for the sector. ETH is by far the most dominant blockchain according to the data from the DeFi pulse, accounting for 90% and 99% of the total value locked in Decentralized finance platforms.
The growth in ETH Decentralized finance space has been one of the biggest events in the crypto space this year and there are now many coins that pertain to enter the sector as this part of the cryptocurrency has been dubbed reliable and therefore went parabolic. There have also been high yields/interest rates offered on a few Defi products as well.
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