DeFi protocols added another billion to their deposits less than two weeks after hitting the $ 3 billion mark.
Ethereum protocols drive the growth of DeFi
There appears to be no ongoing DeFi shutdown, as the total value of the blocked resources has exceeded another important target ... again. The total value locked (TVL) in the DeFi protocols has again exceeded $ 4 billion according to DeFi Pulse, and the total amount of digital resources and the value for currencies such as Ethereum and Bitcoin continue to rise.
This growth occurs less than two weeks after exceeding the $ 3 billion target, indicating an accelerated rate of adoption for the hottest class of Ethereum protocols. The Crypto Maker Loan Protocol has driven that class over the past week, setting new highs for TVL and adding nearly $ 600 million worth of value since July 21, an increase of over 90%.
The amount of Bitcoin and DAI stablecoins blocked in Maker contracts has seen particularly high increases since July 23, respectively 86% and 414%. Maker has over $ 1,2 billion in total blocked value, making up 30% of the overall DeFi market.
The Aave loan protocol also saw substantial growth in the total blocked value, almost doubling the figure since July 18, topping over $ 490 million. Aave recently released its distributed governance plan, called Aavenomics, in the wake of the Synthetix synthetic asset protocol that launches its three-way DAO governance system.
Curve.finance, a popular token exchange protocol in the industry, has grown by more than 250% since July 17th; $ 281 million is currently stuck in its smart contracts. Much of the attention on Curve has been focused on the ongoing experiment in governance from below managed by yEarn.finance, which in turn has recorded a staggering growth of over 2,100% since 17 July.
5.000 more BTC in the Ethereum ecosystem
The recent growth in the total blocked value would not have been possible without the addition of over 5.000 Bitcoins ($ 58 million) to Ethereum's DeFi ecosystem. The value of bitcoins transferred and blocked in Ethereum via wrappers such as WBTC and Synthetix sBTC has grown by more than 30% since July 21st.
The move from $ 2 billion to $ 3 billion of total blocked value lasted three weeks, while the move from $ 3 billion to $ 4 billion took less than two. The accelerated pace at which DeFi protocols are attracting value may be a cause for excitement, but the recently released series of governance tokens could attract the attention of the watchful eye of the Securities and Exchange Commission (SEC).
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