The DeFi space has set a new record as investors have locked up to $15 billion in assets. The DeFi space grew significantly in the past year as billions of dollars were invested into several projects. InsideBitcoins in a report that the total value locked in DeFi protocols has increased by 2,077%, from $689 million. The report further revealed that investors were putting $1 billion weekly into DeFi projects.
There are three projects dominating the industry. They include Maker, Aave, and Compound. Maker dominated the market with a 20% share as the DeFi project has $3 billion in value locked up. Aave has $2.08 billion in value locked up, while Compound has $2.07 billion. Currently, Maker is $686.04, Aave is up 15.83% to $103.66, while Compound is $144.70.
Over time, investors have been making profitable returns through yield farming, which has led to increasing interest in the DeFi projects.
The DeFi space has been growing since it reached $1 billion in total value locked in February. On the 12th of November, the total value locked in the DeFi sector hit a new $13.62 billion high after crossing over $12 billion in late October. At the time, the CEO of the analytics firm CryptoQuant Ki-Young Ju said that interest in DeFi projects was increasing because people got fascinated by high-yield strategies.
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