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Ethereum’s DeFi space marks another milestone as TVL registers new ATH



Ethereum, the world’s leading smart contracts platform, is well-noted for being the main hub of decentralized finance. The DeFi space that gained massive momentum in the crypto-verse last year continues to record new milestones with each passing day. Notably, the DeFi market has also witnessed a surge, alongside the entire crypto-market.

According to DeFi Pulse, the total value locked in decentralized finance marked a new all-time high yesterday – 19 January – amounting to $827.771 million. Maker continued to rule over the entire DeFi space with the highest USD locked in its platform, followed by Synthetix in the second position, and Compound in third.

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Interestingly, while the DeFi space as a whole managed to record a new high, Maker, itself, did not cross its previous all-time high. On 19 January, the platform had a total of $453.403 locked, while its highest record was noted to be a total value of $505.436 million locked, which was set on 27 June 2019.

Source: DeFi Pulse

Source: DeFi Pulse

With respect to decentralized exchanges, Uniswap has established total supremacy over its rivals – Bancor and Kyber. The total value locked in Unisawp on 19 January amounted to $44.776 million. Notably, TheCryptoCactus, a technical analyst, revealed that there was an addition of $10 million in liquidity on Maker, Augur, and Coinbase pool. The Twitter user said,

“$10M liquidity was added to the pools in the past 24hrs. Still not sure how people can say $ETH has no use-case, decentralized finance will be a major factor in the future. $4.4M added to the MakerDAO pool $3.6M added to the Augur pool $1M added to the Coinbase pool”

While the DeFi space did mark a new all-time high record, the overall value locked recorded a decrease on 20 January, when compared to the numbers recorded yesterday. According to DeFi Pulse, at press time, the total value locked was $795.2 million, with Maker dominating it by 57.11 percent.

Interestingly, the potential of this particular sector in the crypto-market was recently highlighted in a report by Binance Research. It said,

“In 2020, we expect new developments on Ethereum-based DeFi (e.g., derivatives, undercollateralized initiatives, the inclusion of ERC-20 USDT), staking to become a fundamental building block of DeFi, and Alt-DeFi to gain momentum owing to reasons such as more prominent cross-chain interoperability solutions.”





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