$10 or $13 billion?
Despite the sharp downward impulse from the crypto market, the DeFi projects were able to cross $10 billion limit of locked funds. 6% Bitcoin fall on 21 September forced investors of the DeFi projects to release their money, again approaching the $6 billion mark. Analyzing the chart on Defipulse.com the fall looks pretty epic. However, according to the chart, on 15 September, the total amount of locked funds was in the range of $12 billion. And on 17-18 September it reached a new historical high – $13.25 billion. On 17 September according to the screenshot News.bitcoin.com TVL was $8.75 billion.
In addition, if we re-count the amount of locked funds, summarizing the table, the data also diverge. If on the chart we see the mark $9.49 billion, then adding all the values we get $10.6. Therefore, in the future we will follow this nuance in more detail.
Changes in the top 3 DeFi projects.
The Uniswap project has returned to the leading position, almost crossing the mark $2 billion.
The project reached such heights within 3 days, starting from 17 September. It was on this day that Uniswap announced the creation of its token to manage UNI.
Aave protocol, conceded $3 million to the decentralized exchange Curve Finance temporarily left the top 3.
The concentration of TVL in the top 3 projects at the moment is 41.7%. Despite the sharp surge of Uniswap, the TVL concentration decreased by 2%, which indicates the harmonious development of other DeFi projects. For example, the projects weight from 4 to 9 in the table is 43.7%. So far, almost 86% of all locked funds are in 10 DeFi projects.
Yearn.finance and WBTC showed good dynamics this week, showing growth of about 30% each. The growth dynamics of the WBTC project has been maintained since 10 August without major corrections, as was the case in other projects.
Given that Bitcoin is locked in this project and not Ether, the growth of the project last week is obvious.
The crypto market continues to hint that the correction is incomplete. Probably new local lows are waiting for us. We will see how DeFi will withstand this test next week.