Data: The total value of funds locked in the DeFi protocol is overestimated by 2.83 billion US dollars

According to data from on-chain data resource website DeFi Pulse, the total dollar value locked in decentralized finance (DeFi) protocols has recently surpassed the $6 billion mark.

Currently, that figure stands at $6.32 billion, a nearly six-fold increase since hitting the $1 billion mark less than three months ago. The exponential growth this year is mainly due to the emergence of yield farming and the launch of the Compound protocol.

However, recent research by Encode Club founder Damir Bandalo found that this number is somewhat inflated. A more accurate estimate of the actual value currently locked in the top 15 DeFi protocols is $3.5 billion, compared to $6.32 billion, Bandolo said.

Data: Addresses holding more than 100 Ethereum hit a 20-month high: On December 4, Glassnodes data showed that 47,459 addresses held more than 100 Ethereum, a 20-month high. [2022/12/4 21:21:31]

While the figures shown by various DeFi data sources may be somewhat inflated, as one Twitter user pointed out, this happens in traditional finance as well.

The total value locked in a DeFi protocol can be difficult to calculate because a dollar can create value multiple times during the lockup period. For example, a user could lock up ETH in MakerDAO to create DAI, a decentralized stablecoin based on the U.S. dollar.

Data: The TVL of the Ethereum Bridge reached 24.26 billion US dollars: Jinse Finance reported that DuneAnalytics data shows that the current TVL of the Ethereum Bridge reached 24.26 billion US dollars. Among them, the five bridges with the highest lock-up volume are Ronin Bridge ($7.572 billion), Avalanche Bridge ($5.676 billion), \tPolygon Bridges ($4.934 billion), Arbitrum Bridges ($2.716 billion), and Fantom Anyswap Bridge ($1.677 billion Dollar). [2021/11/18 22:02:00]

Users can then lock up the same DAI in another protocol, and the copying doesn't end there, as different protocols allow for different lending and copying behaviors.

NFT data: MoonCats 24-hour trading volume increased by 3457.54%: According to news on September 14, the latest data from DappRadar shows that the top ten NFT projects in the past 24 hours and their trading volume rise and fall are as follows: Art Blocks (+568.55%) , Axie Infinity (-0.44%), Sneaky Vampire Syndicate (-20.68%), VeeFriends (+308.27%), Inertial Moment (+35.77%), MoonCats (+3457.54%), CryptoPunks (+33.73%), Emblem.Finance (+193.16%), Cool Cats (-63.28%), The Project URS (+29.40%).

Among them, the 24-hour turnover of MoonCats led the rise (+3457.54%), at $4.31 million; the 24-hour turnover of Cool Cats led the decline (-63.28%), at $2.56 million. [2021/9/14 23:24:17]

Only about 3.85% of ETH and 0.18% of BTC are locked in DeFi, which means there is plenty of room for growth. Wrapped Bitcoin (wBTC), the most popular form of token on the Ethereum blockchain, has roughly 50% of its $274 million market cap locked in Compound. RenBTC is a decentralized version of wBTC. As a gateway for DeFi, RenBTC has also begun to gain popularity.

ETH is still the most popular cryptocurrency in the DeFi ecosystem, accounting for 50% of locked value, while BTC only accounts for 10%. Stablecoins account for 33% of the total value locked, with the rest made up of other ERC-20 tokens such as BAT, REP.

Regardless of the total dollar value locked in the DeFi ecosystem, there is clearly a lot of room to grow. That number is likely to continue to grow as yield farming and other forms of lending are promoted.

While many see DeFi as the future of finance, the fledgling industry still has significant security issues to address, which it must address while dealing with market hype conditions similar to those inflated during the ICO boom of 2018. The latter can lead to buggy, eager projects like Yam hitting the market without being fully audited.

Author: ANTONIO MADEIRA | Compiler: Maya

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