- Around $385 million (2.4 million ETH) is presently locked in MakerDAO.
- Bitcoin’s Lightning Network, with $7.2 million locked up, represents the largest decentralized payments platform in the industry.
About this time last year, there was $305.95 million worth of Ether (ETH) and other digital assets locked up in decentralized financial applications. At present, the figure has crossed over $700 million, according to DeFi Pulse, a service tracking the growth of the sector.
MakerDAO project is by far the most popular DeFi application. Around $385 million (2.4 million ETH) is presently locked in the Ethereum-based decentralized credit platform. Though this is way less than the June 2019 all-time high of $505 million, Maker has never been this popular- in terms of actual Ether committed to the platform. Presently, there is 2.415 million ETH locked up in the DeFi app. The platform accounts for 55.41% of the entire decentralized financial sector.
Other well-known applications are lending application Compound and synthetic derivatives platform Synthetix. These two have $96.5 million and $132 million locked up in them. As is every other popular DeFi application today, these two platforms are based on the Ethereum blockchain. Bitcoin’s Lightning Network, with $7.2 million locked up, represents the largest decentralized payments platform in the industry.
Despite ETH’s price tumbling from its mid-2019 local high of around $351 to just $142, there has been a clear increase in interest. This has been described as “parabolic” by Twitter-based cryptocurrency analyst CryptoWolf.
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