Decentralized finance (or DeFi) keeps reaching new heights. DeFi protocols provide new borrowing and lending solutions to its users by employing blockchain, smart contracts, and digital assets. According to the crypto experts, the abrupt surge is mainly fueled by the extension of lending rewards incentives and yield farming.
As per the market report, the DeFi sector continues to exhibit active growth as the total market cap has reached $11 billion.
According to Coin Gecko reports, Chainlink drives the DeFi sphere in terms of market capitalization. In the past 24 hours, LINK price has reached new highs. CoinGecko top 100 DeFi coins by market cap listing further highlights that Maker comes at the second position, while Compound comes at third.
Analytics Site Present Different Figures
Market indicators and data records from industry insiders reflect that DeFi market cap had slipped to $10.85 billion, while the time of reporting. Various analytics sites are reporting different figures. Today DeFi Market Cap was showing the market cap of $8 billion, although the site does not count Chainlink in its measuring list.
The spark of decentralized finance space seems unstoppable, Linksaka, Bitcoin trader, posted a tweet:
“$LINK volume has now flipped $BTC volume on Coinbase ($145m vs $95m) and is almost at par with $BTC volume on binance.”