Strong growth in DeFi

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The first weeks of 2020 have seen continued strong growth in DeFi space, with MakerDAO accounting for over 60% of the market. The young sub-industry emerged in 2018 and gained momentum last year.

Total value locked in decentralized finance (DeFi) smart contracts topped US$ 1bn on February 10, according to DeFi Pulse market rankings. MakerDAO continues to dominate the market with around US$ 600m locked. Maker is a smart contract protocol built on the Ethereum blockchain. Its stablecoin Dai is pegged 1:1 to the US dollar.

After MakerDAO comes Synthetix, with approximately US$ 130m locked in smart contracts, or around 13% of the total market. The rest in the top 10 DeFi protocols and applications are still the familiar names, from Compound to Lightning Network and InstaDapp.

Decentralized financial services

DeFi solutions enable transactions without any centralized authority. These include peer-to-peer (P2P) lending and remittances. The DeFi community sees the solutions as an opportunity to boost financial inclusion by offering convenient, low-cost services to unbanked populations.

(Source: DeFi Pulse)

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