The Decentralized Finance (DeFI) market continues making new records. This time, the total value located in USD has surpassed $11 billion. This shows how the entire ecosystem continues to grow despite a price stagnation in Bitcoin (BTC) and other virtual currencies.
DeFi Value Locked Surpasses $11 Billion
DeFi applications are attracting investors and users from all over the world that would like to have access to this new and exciting market. According to data provided by DeFi Pulse, the total value locked in USD in DeFi apps surpassed $11.07 billion, a new all-time record for the industry.
The main DeFi app and project is currently Uniswap, which has been offering some of the best services in recent weeks to users and crypto enthusiasts. This project is currently having a market dominance of 18.74%. In addition to it, this project has more than $2.07 billion in funds locked.
It is worth mentioning that Uniswap is the first project that surpasses this level. The entire DeFi ecosystem has been growing at very fast rates. For example, in early July, the total money locked in DeFi projects was just $2 billion.
Since then the funds locked in DeFi surged by 450% and the entire market could continue growing. Users are now waiting for the crypto space to continue with the bull market, however, this may take a few more days and weeks before we see Bitcoin surpassing $11,000.
In the past, the market was much more concentrated in just a few projects. For example, Maker was usually above 50% in terms of dominance in the DeFi market. At the moment, Maker has $1.93 billion locked. This shows the entire space has been expanding and attracting a larger number of users from all over the world.
Other interesting and known projects include Aave and Curve Finance. These two projects have locked together over $2.79 billion. It is also worth mentioning that Wrapped Bitcoin (WBTC) is also among the top 5 projects in the DeFi market.
Wrapped Bitcoin is an ERC-20 token that represents Bitcoin on the Ethereum (ETH) blockchain. Each WBTC is equal to one whole Bitcoin. This token can be used in the DeFi market and by decentralized applications that want to offer Bitcoin to users. Although this is not the same as Bitcoin it allows users to have access and exposure to Bitcoin in the DeFi market.