Changes in the top 3 DeFi projects.
The DeFi space activity and rapid growth with all its contrasts never cease to amaze. In whole for the previous week the total amount of locked dollars exceeded a mark of 9 billion. That is, during the week the amount of locked funds increased by 30%. The monthly growth of the Defi market was 125%.
This week, the percentage of TVL concentration in the three largest projects decreased. Last week, 57% of TVL was in the top 3 projects, this week – 49.7%. This figure indicates a gradual decrease in the influence of the Defi space giants due to the development of other projects. The key word here is gradual, as 71% is concentrated in the top 5 DeFi projects.
Aave kept in the top.
After winning the championship among DeFi’s projects last week, Aave continues to maintain reputation. This project is not going to stop and is being intensively promoted. For example, today on the Aave Twitter page appeared the news about LEND listing in the SwissBorg application. In addition, the cryptocurrency exchange KuCoin also listed this coin and gave the opportunity to trade it in two pairs LEND/USDT and LEND/BTC.
Maker DAO steadily remains in second place with $1.55 billion locked.
An interesting fight broke out between the two DEX – Uniswap and Curve Finance.
Last week, Uniswap was 8th in the Defi project rankings. And in one week, Uniswap was able to raise the amount of locked funds from $250 million to $1.34 billion:
Thus, the project took third place not far behind Aave and Maker DAO.
Besides, the decentralized exchange Uniswap was able to impose decent competition Coinbase Pro.
Projects which showed up this week.
Balancer. This DeFi project, which aims to generate and maintain liquidity for the second week shows impressive results in percentage terms. During the week, the number of locked funds of this project more than doubled. Currently, Balancer ranks 8th with $715 million locked funds.
Yearn Finance. Starting from 25 August, this project managed to approach TVL $1 billion and return to the mark $770 million. This project was marked by a wild growth of its token YFI.
DeFi projects active growth continuation may provoke a correction in the market. Given that not all Defi coins have good liquidity, the correction may come as a nasty surprise. Let’s see whether DeFi projects will be able to give a positive to their investors over the next week.
Charts courtesy of DeFi Pulse