The total value of stranded funds (TVL) on DeFi MakerDAO project smart contracts reaches $ 3.15 billion.
Indeed, the top three in the DeFi Pulse rankings include two other crypto-lending projects – Aave and Compound. By the way, the TVL of each of them is $ 2.18 billion. In addition, the largest decentralized exchange Uniswap is in fourth place.
MakerDAO is one of the first to adopt DeFi. The project, founded in 2014, far from industry standards, opens up the possibility for users to block collateral in Ethereum in order to generate DAI – an algorithmic stablecoin. The latter eventually became one of the main components of the new financial system – the decentralized loan market.
In 2020, DAI’s capitalization has grown more than 20-fold thanks to the hype around DeFi.
In addition, the total TVL of DeFi projects has increased by about 20 times since the start of 2020, according to DeBank data.
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