The DeFi industry has received a lot of attention recently. Most of these systems are based on the Ethereum network, but the entire industry has experienced a growth of 130% in the past twelve months. It can be said that many people are buying Ethereum, so its business is very hot.
The latest stage of cryptocurrency evolution
According to DeFi Pulse, a tracking platform, about $305.95 million of Ethereum and various other cryptocurrencies are locked up through DeFi applications. However, this year that number has soared to $700 million.
Without a doubt, the most popular DeFi application right now seems to be the Maker DAO lending project. On this platform alone, about $385 million or 2.4 million ETH is locked on the Ethereum platform. Interestingly, this is not the highest point in value for the project, which was a staggering $505 million, but it marks its peak popularity.
The high point was achieved through market fluctuations rather than actual Ethereum commitments, and currently records the most Ethereum pledged. Maker has indeed been a huge success, with 2.415 million ETH currently locked in its DeFi applications. This accounts for a staggering 55.41% of the entire decentralized finance industry activity.
Ethereum’s Important Role
Other popular applications have also emerged, such as a synthetic derivatives platform called Synthetics. Another important player in the field is the Compound lending application. Combined, the two platforms have locked more than $132 million and $96.5 million respectively. As is the trend here, almost all DeFi applications are now based on the Ethereum network.
How the Lightning Network compares to 7 other platforms
When you look at the first non-Ethereum-based application further down the list, it’s in eighth place, and that’s Bitcoin’s Lightning Network. With around $7.2 million in funds locked up on its platform, Lightning represents the largest decentralized payment platform in the industry right now. Despite a string of high-profile adoptions of the Lightning Network in recent times, last year wasn’t a great year, despite high expectations.
This huge surge in interest in the DeFi industry is good news for the Ethereum network, which has seen its nominal price fall since reaching a high of $351 in mid-2019. Currently, ETH is priced at around $142.
Crypto analyst Cryptowolf on Twitter described the growth as “parabolic” and speculated that the price of ETH will continue to rise just as DeFi continues to grow within the Ethereum network.
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