The total amount of ETH blocked in DeFi, for the first time exceeded $ 552 million

According to the DeFi Pulse service, on October 15, the total amount of ETH locked in decentralized financialapplications (DeFi), for the first time exceeded 3 million ETH ($ 552 million).

Note that more than half, 1.6 million ETH,falls on the MakerDAO dApp, the premier DeFi decentralized application on the Ethereum blockchain. Ethereum is by far the dominant cryptocurrency used in DeFi applications. In comparison, Bitcoin currently has only 1,400 BTC locked in DeFi thanks to the Lightning Network, worth $11.6 million at current prices.

Three leading Ethereum applications by volume of blocked funds:

MakerDAO – Dai stablecoin backing system;

Compound.finance – crypto lending platform;

Synthetix – to create synthetic assets.

DeFi Growth

DeFi is in its early stages today.development. The range of financial instruments is constantly expanding thanks to the many platforms on the Ethereum network that provide services such as instant transactions and settlements, cashless lending and digital asset loans. All these services are conducted without intermediaries or central authority, which makes them cheaper and more reliable.