Moreover, there was a 120% growth in stablecoin supply. Meanwhile, USDC and Dai reported higher trading volume on DeFi in Q3 2020. Furthermore, most of it gets locked into Ethereum. Significantly, the vast majority of that amount has been invested this year.

Substantially, the best DeFi cryptos Uniswap, Maker, and Wrapped Bitcoin contain over half of the DeFi TVL. DeFi Pulse reports that the DeFi TVL rose from $11.16 billion to over $12 billion within seven days. Remarkably, in October, DeFi projects added $1.32 billion to the TVL in its smart contracts in just one week. Thus, setting an all-time high record (ATH). The amount of cryptocurrency locked in Defi protocols surpassed $14 billion in 2020. Moreover, smart contracts oversee trading and lending on the DeFi platform. Compared to other cryptocurrencies that are prone to volatility, stablecoins are pegged to a fiat currency such as the USD. The good part about DeFi contracts is that they incorporate stablecoins. Read More: What is Decentralized Finance (DeFi) Why has DeFi become so popular?ДeFi Pulse statistics show that the total value locked (TVL) in the DeFi economy has surpassed $10 billion. The vast services are built on the Ethereum platform. Included in the services are lending, borrowing, structuring derivative products, and the buying and selling of securities. Even more, the use of smart contracts removes the need for a financial intermediary. The network utilizes smart contracts to provide non-custodial financial services for the crypto mainstream users.

Curious to know about the top 10 DeFi tokens by market capitalization? This article is what you are looking for.ДeFi is a growing industry in the crypto world.

List of defi coins