DeFi market have continued to rise in the recent times and have hit a $4 billion market. DeFi has shown massive growth to reach the mark as reported by a data from major industry website DefiPulse.com.
DeFi markets refer to the use of blockchain, digital assets, and smart contracts in financial services like credit and lending to provide financial services without a need for a centralized authority.
The new threshold means that a total of over $4 billion is now locked across smart contracts, protocols, and decentralized applications, or DApps, built on Ethereum. As of press time, the largest DeFi provider, MakerDAO’s DAI stablecoin, is responsible for just over 30% of DeFi markets, with $1.23 billion locked.
Earlier this week, crypto market analytics firm Messari reported that the total capitalization of the DeFi sector is equal to only 1.5% of the entire crypto capitalization. This now accounts for about $332 billion.