Main navigation

DeFi Industry Reaches New ATH with $210 Billion Total Value Locked Thanks to These Projects

News
Fri, 10/08/2021 - 11:31
article image
Arman Shirinyan
DeFi industry remains highly diverse while reaching a new ATH
DeFi Industry Reaches New ATH with $210 Billion Total Value Locked Thanks to These Projects
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Numerous projects tied to the DeFi industry have enjoyed rapid growth recently, with Fantom TVL reaching $7 billion with a 140% rise, AnySwap with 114% growth and the industry's total value locked reaching a new ATH of $210 billion, according to DeFiLiama.

The largest TVL contributors remain Curve, AAVE and MakerDAO with $43 billion of value locked in total. At press time, the industry's TVL remains at $210 billion, with a negative change of 4% today.

DeFi TVL
Source: DeFiLiama

The main reason for industry growth is most likely tied to overall inflows of funds back into the cryptocurrency market. Previously, the ATH in TVL for the DeFi industry was reached back in May, when the Bitcoin sell-off started.

The total value locked in DeFi has been growing since July, sometimes outperforming Bitcoin and the altcoins market. The popularity of the industry is tied to the passive income solutions that most DeFi platforms offer. Users are able to take and give loans in stablecoins by overcollateralizing.

Related
First NFT Released by McDonald’s China: Details

Ethereum still remains the most popular chain in the industry with the majority of projects functioning on it despite high fees and constant periods of network congestion.

Previously, the Soros fund manager expressed her thoughts on the cryptocurrency industry and shared that the fund is researching the DeFi industry, which might indicate the fund's intention to invest in the industry in the future.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.