It’s getting busier in the world of decentralized finance (DeFi) every day: the total value locked surpassed USD 3 billion, while a new governance token took the yield farming spotlight.
DeFi has been hitting major milestones over the past few months, with the total value locked (TVL) rising quickly and substantially. In February of this year, DeFi reached USD 1 billion in TVL – the first since DeFi Pulse started tracking it in August 2017. Five months later, it hit its second billion.
Less than a month after that, TLV now stands at USD 3 billion.
There has been another major change. After taking the throne for a short while, DeFi’s recent craze, Compound, has been pushed out of the first to the second spot by the long-standing dominant force – Maker’s dominance is now more than 20% of the TVL.
This overall fast rise in TVL is brought in connection with the recently popular yield farming and usage incentives in DeFi. And here, a new contender seems to be grabbing the attention of the space, appreciating over 5,000% in a single day.
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