DeFi Market Value Surpasses $1 Million
The value of tokens in Decentralized Finance or DeFi has surpassed $1 million after the stock market crash in March that led to a liquidity crisis.
three-largest tokens represent over half of the total DeFi capitalization with Maker representing 28%, 0x (ZRX) comprising 16%, and Synthetix Network Token (SNX) totaling 11% of the DeFi market cap. Maker, Synthetix, and Compound represent 76% of all assets locked up, with $536.1 million.
Defi Pulse estimates that $703.3 million in assets are currently locked up in DeFi protocols with MakerDao representing 49%. Stock market crash in March accelerated Maker’s decline with locked-up funds falling 44% from $505 million to $310.
The number of DeFi projects providing lending services has increased significantly over the past year. OpenLaw’s limited liability for-profit decentralized autonomous organization, the LAO, announced it will open its doors to membership on April 28.