Of recent, the word “DeFi” which is an abbreviation for decentralized finance has been very popular in the cryptocurrency world. According to DeFi Pulse, DeFi generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on the Ethereum blockchain as well as EOSIO.
Ever since the launch of DeFis in August 2017, we have watched the total USD value locked in defi increasing drastically. As at August 3, 2017, only about $4 bn was being invested or locked in defis but of recent, over $4.22 bn have been locked in defi.
We come to see that anyone who invested in any of the defi protocols like comp, synthetic, maker, ave etc is already in huge profits as these tokens have performed very well between this three years interval. But it's never too late to invest in them.
However, the catalyst for the increase in the total usd value locked in defi is the increasing migration of conventional financial services onto a decentralized platform. And we expect more of them to join because of the underlying opportunities defi offers.
According to Defi Pulse and as at the time of this post, about $4.22 billion worth of value have been locked in blockchain-based finance applications. If you ask me, this is really huge and it shows that crypto adoption is increasing by the day.
Note worthy is that, much of this USD value growth has been triggered by five major defi protocols which includes Maker, Compound, Aave, Synthetix, and Curve Finance. From the beginning of this year till now, these five protocols which are based on Ethereum have been developed massively.
On the whole, decentralized finance is open for anyone to take part in and its a great development to embrace. DeFi offers an opportunity to earn passive income through its lending services amongst other opportunities.
Craving for more? Visit
Posted Using LeoFinance