MakerDAO is now the first Decentralized Finance (DeFi) protocol to reach a billion-dollar mark in total value locked. Now, MakerDAO has a larger share of the DeFI lending space, following the development. Some days ago, the entire value locked in MakerDAO settled for less, so that it was overtaken by Compound.
The entire value locked in MakerDAO spikes
At the moment, the total value locked in MakerDAO is sitting at $1.001 billion, in accordance with the data provider by DeFi Pulse, an analytic and ranking platform dedicated to the DeFi space. Meanwhile, MakerDAO has only 2.373 million Ether (ETH) locked on its protocol.
The one billion dollar value locked in MakerDAO simply translates to more funds locked in the protocol for the core purpose of lending. Also, the milestone today means MakerDAO now has more dominance in the industry. Most precisely, MakerDAO dominance is sitting at 27.62 percent, as per DeFi Pulse.
DeFi industry is in continuous growth
Compound comes second on the list with the highest total value locked after MakerDAO. Compound currently has about $767 million locked in its protocol for lending. Synthetix, a decentralized platform built on Ethereum, made the third-largest protocol with about $429 million locked in value, at the time of writing.
Sometime this month, the DeFi industry underwent a kind of reshuffling, which saw the Compound surpass the total value locked in MakerDAO. However, the market has changed hands per se, with MakerDAO setting the milestone as the first DeFi protocol to reach one billion dollar in total locked value.
For the entire DeFi industry, the total value locked has reached $3.62 billion, according to DeFi Pulse.