The DeFi market went into a sharp correction after setting a local high of 9.5 billion locked dollars. In 4 days, the amount of locked funds decreased by 20% and stopped at the mark $7.5 billion.
Unsurprisingly, the most volatile project was the decentralized exchange Uniswap. The Uniswap-Sushiswap fork helped this project to achieve the mark $1.82 billion. The Uniswap-Sushiswap fork raised the amout of the locked funds by $1.2 billion in a short period of time. However, over the weekend there were drastic changes in the project . And as a result of it TVL Uniswap fell by 37%. The change of Sushiswap leadership temporarily affected its leader position in the ranking, sending it to 3rd place. Although the project has not yet been able to jump over its maximum $1.82 billion. It is and not surprisingly, because $680 million was unlocked in a day. Another good example of concentrating a big share of a project in one hand.
The Defi Aave project behaved much more stably, gradually reducing its amout of locked funds from $1.7 billion to $1.33 billion.
This week, the Aave project did not please the Defi community with breaking news, limiting itself to tweets about local innovations and cooperations.
Initially, the stop in the development of this project made it possible Aave to lead the table of leaders, and now Uniswap. After almost a month of consolidation, the project failed to exceed $1.6 billion of locked funds. Thus, now the project is at the level of August 2020. And given the mood in the crypto market – reduction of the locked dollars number is the most likely scenario.
Summarizing the analysis of the three largest Defi projects, we mention that the percentage of locked funds concentration in these projects increased by 2% and now is 51%. In general, the situation looks stable both during the DeFi projects growth and during the fall. Having undergone the first major correction, the Defi space has earned the right to trust and new investments in the future.
Charts courtesy of DeFi Pulse