DefiPulse, a huge site that gives regular crypto insights and analytics has recently revealed data regarding DeFi. As per the website, currently, there is $4 billion of the total value which is locked in the DeFi markets. This increase in total locked-in value is clearly indicating that the DeFi industry is growing rapidly.
DefiPulse claims MakerDAO holds 30% of DeFi market
In short, DeFi simply means the integration of digital assets, blockchain, and smart contracts in financial services. It provides financial services like credit and lending without any intervention of any central authority.
As per the data, this $4 billion is now locked in across the decentralized applications, smart contracts, or other DeFi protocols. DefiPulse has also specified that around 30% of the total DeFi market has been acquired by MakerDAO. DAI stablecoin of MakerDAO is holding this share in the DeFi market among all other DeFi projects.
DeFi applications correlated with Ether price
As the DeFi market is seeing rapid growth, it has been seen that the price of Ethereum has also seen a rally recently. Currently, the price of Ethereum is at $356 which has been increased by around 7% in the past 24 hours.
Earlier it has also been reported that there is some sort of correlation between Ethereum and DeFi applications. Even though both are not dependent on each other completely, it is quite evident that whenever there is any kind of movement in Ethereum, it is contrasted with DeFi applications.
Recently another crypto analytics firm called Messari has also revealed data. It has specified the total share of the DeFi sector in crypto capitalization. According to the firm, the DeFi sector is holding 1.5% of the total crypto capitalization. Through this, it is quite clear that even though the sector is performing really well, it still holds a very less share in total capitalization.
Articles You May Read.