In brief

  • The total market cap of the DeFi industry now stands at a whopping $13.4 billion.
  • Chainlink is still the king—with impressive gains over the past 24 hours.
  • Maker and Compound are also surging in price.

The market cap of decentralized financedecentralized finance (DeFi) tokenstokens has continued to surge—passing the $13 billion mark today with no signs of slowing down. Chainlink (LINK) still takes the lead as the king token, with its price rocketing by nearly 20% in 24 hours to $15.64, according to CoinGecko data. 

At the time of writing, the total market cap of DeFiDeFi was over $13.4 billion. That’s an increase of 23.5% since Sunday, when the total market cap of the industry stood at $10.85 billion. 

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Compound (COMP), and Maker (MKR), still stand in second and third place respectively, CoinGecko’s top 100 DeFi coins by market cap listing says. Both projects have also had impressive gains in the past 24 hours, with Compound surging by nearly 50%, and Maker by nearly 30%. 

The market cap of Chainlink is fast approaching $6 billion. To put that in perspective, the total market cap of EthereumEthereum, the blockchainblockchain that hosts Chainlink’s price oracles for various protocols, is $42.7 billion.

DeFi, a relatively new concept in the cryptocrypto world, wants to change the way people have access to financial services by using blockchain technology. 

Image: Shutterstock

How to use DeFi to earn passive income with your Bitcoin

It’s the ultimate dream: earning money with little to no effort.  Or even better—doing it with cryptocurrency.  Tech entrepreneur, author, and Bitcoin proponent Andreas Antonopoulos revealed the best way to earn passive income with Bitcoin. But, of course, it carries some risks.  The best way, he said in a livestream Q&A broadcast over the weekend, is with the buzziest of buzzwords in the crypto space today: DeFi (that’s “decentralized finance,” for the uninitiated). DeFi is working to revoluti...

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It has taken the crypto industry by storm as investors are finding out they can make money by locking up resources in pools to earn extra tokens—a process known as yield farming.  

Some have warned that the hype isn’t sustainable and it is really a bubble that could soon burst. 

But for now, it doesn’t look like it’s going to be slowing down anytime soon. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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