The decentralized finance space has doubled in size over the past few months.
DeFi market is now worth $200 billion
The decentralized finance (DeFi) space is one of the fastest-growing in the cryptocurrency space. This was confirmed by the latest data presented by tracking site DefiLlama. According to the latest statistics, DeFi protocols are holding $200 billion in assets at the moment.
The $200 billion locked in DeFi protocols represent nearly 10% of the total cryptocurrency market cap. According to DefiLlama, the amount locked in DeFi protocols has doubled since June 2021 as the market continues to attract more investors.
Ethereum leads the way
The data shows that Ethereum remains the number one smart contract blockchain in the world. The majority of the value is held in projects on Ethereum. DefiLlama estimates this figure at $140 billion. Binance Smart Chain and Solana take second and third place, with $18.5 billion and $11.7 billion locked in the blockchains, respectively. Terra, Avalanche and Fantom are next on the list.
Despite Ethereum leading the way, DefiLlama said the blockchain had lost significant dominance due to the emergence of DeFi protocols on other chains. In January, Ethereum had 98% market dominance, but it is now down to 68.5%.