$104,057.00
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25.54%$1.40
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-10.72%Reading
DeFi tokenstokens are so hot right now.
The total market cap for decentralized finance (DeFi) products crossed the $2 billion mark over the weekend, just weeks after the initial DeFi Market Cap launch measured the total at just over $1 billion.
Well, that was quick! All your Google searches in the past 24 hours paid off 🎢
Introducing a more detailed Google featured snippet for #DeFi Market Cap 💸 https://t.co/jVOniOJTto pic.twitter.com/YVUVF1ktcX
— DeFi Market Cap 🎢 (@defimarketcap) June 5, 2020
The doubling of the combined value of tokens connected to DeFi projects is another sign that the industry is rapidly expanding in value as users look for ways to receive loans and earn interest outside the control of bankers and legacy financial institutions.
DeFiMarketCap measures the total value of tokens connected to DeFi projects and protocols like Maker and Compound. By contrast, measurements of Total Value Locked tracked by sites like DeFi Pulse record the value of assets such as ETH and DAI used in the operations of DeFi apps for activities like providing liquidityliquidity and securing loans.
DeFi product tokens gain value by being used as a part of some function of a given protocol. For example, Maker’s MKR token is used to keep the price of DAI stable at $1 as the only currency that can be used to pay for transactions in the Maker ecosystem. Earlier in the year, Maker was forced to auction off MKR tokens for DAI to cover bad debt accumulated during the March market crash.
Maker protocol makes up more than a quarter of the total DeFi market cap with a total of more than $550 million, followed by 0x protocol with $322 million and Synthetix at $172 million.
Other popular DeFi products have their market caps spread across multiple tokens—interest bearing tokens tied to ETH or USDC on the Aave lending dapp have a total market cap of over $176 million, while Compound tokens combine for a total of nearly $134 million. DeFiMarketCap lists over 500 tokens across 18 protocols.
A new contender has entered the ring to compete with the likes of DeFi Pulse and CoinMarketCap, adding a fresh data view to the world of decentralized finance (DeFi). Analytics website DeFiMarketCap launched on Monday—a project developed by the team behind DeFi investment aggregator Zerion. The site provides information on the top DeFi tokens by market capitalization, along with other common metrics such as price and circulating supply. It’s very much like industry staple CoinMarketCap, only it’...
DeFiMarketCap was developed by the minds behind the Zerion DeFi interface and was launched April 13 with around 230 tokens listed. The site offers a DeFi focused alternative to Coin Market Cap, the popular token information site recently acquired by Binance in a move some suspect enabled the exchange to obfuscate data about potentially suspicious trading volumes.
The price of several tokens tied to Ethereum-based projects in decentralized finance, or DeFi, spiked on Tuesday after the Securities and Exchange Commission signaled that it’s taking steps internally to become more accommodative of the emergent subsector. Ethereum was recently changing hands around $2,700, an 7.2% increase over the past day, according to crypto data provider CoinGecko. Uniswap, Aave, and Sky, were up 23%, 16%, and 15% respectively, rising to $8, $305, and $0.90. On Monday, SEC...
Layer 1 blockchain and smart contract ecosystem Nibiru has launched Block Party, a points program designed to reward real user participation across its DeFi ecosystem. Participants can earn Aura by interacting with applications on Nibiru EVM through trading, liquidity, lending, or quests. WEN? 🔥 Introducing Nibiru Block Party launching this summer, a points program rewarding you with Aura for swaps, liquidity, lending & quests powered by @merkl_xyz and @galxe 🧵 pic.twitter.com/uDAnrohiYC — Ni...
Curve Finance founder Michael Egorov told Decrypt that "for-hire" hackers are coordinating cross-platform attacks, making it increasingly difficult to secure DeFi projects. One example is the DNS attack on Curve Finance last month. The decentralized finance protocol's front-end website was compromised, allowing attackers to redirect users to a malicious site. "Different hackers could coordinate efforts across platforms, compromising them at the same time for greater impact and profit," Egorov to...
