DeFi Touches $200B, Is DeFi the Future?
- Overall DeFi platform touched a TVL of $200 billion this week.
- Most of the DeFi tokens surged were based upon the Ethereum blockchain.
- DeFi Llama predicts for the first time DeFi has crossed the $200B mark.
With the rise of the crypto industry and the blockchain technology, many attributes have so far surfaced. Upon them, notably the non-fungible token (NFT) and the Decentralized Finance (DeFi) take up much of the essence. The NFT market has been making records and breaking records profusely. On the other hand, being a little dormant lately, the DeFi has also surged up immensely.
In spite of all this, now the DeFi industry made a new record, touching its hughes of $200 billion in terms of the total value locked (TVL).
ATH of $200 Billion
The crypto market steadily starts to pick up ever since the start of October. With this, together the DeFi has made its equal share of play too.
Accordingly, DeFi industry has crossed $200 billion, actually $208.39 Billion to be more precise. Apart from this being it’s all-time-high for the industry, this is the first time for the DeFi ecosystem to cross the mark of $200 Billion in terms of the overall TVL.
Also, about more than 70% of all the DeFi protocols are based upon the Ethereum (ETH) blockchains.
Moreover, taking the same into consideration for the beginning of the year 2021, DeFi amounted to only $21.4 Billion TVL. However, in just a period of 7 to 8 months, it surged drastically about 825%.
DeFi the Future Crypto
With such an epic rise, all the crypto enthusiasts and analysts were taken to astonishment. And so, the fact is that the total market cap value of the DeFi based tokens alone amounts to about $131 Billion.
This is about 5.5% of the overall crypto industry’s market capitalization. Furthermore, crypto analysts point out that the current standing and value of the DeFi tokens now is the same as that of the complete crypto industry 3 years back.
Furthermore, with such a pacing rate many predict that DeFi would be the next in line to the crypto industry , overtaking the NFT.
The post has appeared first on thenewscrypto.com
Read more: https://thenewscrypto.com/defi-touches-200b-is-defi-the-future/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
