Total Value Locked in DeFi Doubles to $50 Billion in Just 3 Months

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A new milestone in Decentralized Finance (DeFi) has been attained with a new all-time of $50 billion in total value locked (TVL).

The new milestone comes just 3 months since the TVL on DeFi platforms crossed $25 billion at the beginning of the year, according to DeFi Pulse.

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SEE ALSO: UniSwap (UNI) Becomes the First DeFi Token Among Crypto’s Top 10 After Crossing $14 Billion on CoinMarketCap

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According to DeFi Pulse:

“The increased adoption of decentralized exchanges over time is spurring pressure to innovate faster and deliver more value for #DeFi users.”

The addition of new DeFi projects has also helped reveal the true extent of the DeFi space as more projects got launched during what is generally referred to as ‘DeFi Summer.’

A number of developments in the DeFi space have contributed to the continued growth of the space, most notably:

  • Aave’s integration with Polygon (formerly MATIC) for select assets
  • Synthentic’s launch of staking assets on L2 protocols
  • 1Inch Exchange airdrops and launch of its version 3 protocol
  • Anticipated launch of UniSwap version 3
  • Compound Finance proposal for a grants program
  • Balancer partnership with Aave
  • Alpha Finance integration with Compound
  • SushiSwap exploration of Solana L2
  • The skyrocketing interest in Binance Smart Chain (BSC)
  • DyDX protocol raise of $10 million

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RECOMMENDED READINGThe Total Crypto Market Cap Breaks the $2 Trillion Mark After Doubling in Just 3 Months

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