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DeFi protocols break $10 billion in total value locked

DeFi protocols break $10 billion in total value locked
There are now over $10 billion in assets locked across various decentralized finance (DeFi) protocols according to data from DeFi Pulse. The three protocols with the most value locked are Uniswap ($1.98B), MakerDAO ($1.95B), and Aave ($1.5b). 

[caption id="attachment_78932" align="alignnone" width="1384"] Source: DeFi Pulse, The Block Research[/caption]

While it took DeFi protocols over two and a half years to reach $1 billion in total value locked, it took under a year for the industry to grow to $10 billion. This rapid growth is likely attributed to the yield farming trend popularized in 2020, in which DeFi protocols offer tokens rewards to incentivize liquidity providers on their platforms. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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