Decentralized Finance [DeFi] has seen enormous growth in terms of products and platforms providing services, over the past few months. The charts reflect growth potential for Ethereum as it set a new record for the total value locked in DeFi projects denominated in Ether.
According to DeFi Pulse, the Total Value Locked [ETH] in DeFi, exhibited a gradual rise in the total value locked. On 25 November this number hit an all-time high at 4.44 million.
Source: DeFi Pulse
This steady increase could be indicative of increased investment in DeFi. Maker reported a heightened value locked with 2.107 million, followed by Synthetix with a value of 1.064 million.
Subsequently, Ethereum locked in DeFi also reported a new record with 2.7 million. The value had been climbing over the past few days and breached its previous ATH.
Source: DeFi Pulse
Previously when Ethereum reported an ATH on 31 October, Dai had also reached an ATH in terms of Dai locked in DeFi with 25.065 million. This record was beaten in November as locked up Dai accounted to 30.007 million on 7 November.
Source: DeFi Pulse
However, this number has been on a decline as 19 November reported only 16.47 million Dai locked in the DeFi. The trend has been moving upwards since, and on 25 November the number stood at 23.512 million. Dai locked in Maker was reported to be 3.316 million, at press time.
The top DeFi apps continued to be Maker, Synthetix, and Compound. Maker and Compound, the lending applications, reflected an inflated TVL [ETH] with 1.4% and 1.6%. While, the derivatives’ application, Synthetix noted TVL [ETH] at 10.6%.
The statistics continued to register positive gains despite the falling market and Ethereum noting a fall of almost 9%. At press time, the price of the coin had recovered and was valued at $144.33.
