Decentralized financial markets have continued to experience a free fall as the broader cryptocurrency industry continues its downturn.
By the total value of the decentralized financial market analysis environment, DeFiPulse, smart contracts and other DAPps related to DeFi technology is locked to its present value of $ 53.86 billion the all-time high (ATH) of $ 86.208 billion set on May 12, 2021.
Each DeFi project and platform has responded in a unique way to the ongoing market correction. Several transfers have been made from one task to another, which means that the performance of individual projects is very different from the usual DeFi market hit.
Currently, DeFin’s loan platform, Aave, is at the forefront of the top class, with total assets locked in at $ 10.98 billion. The decentralized exchange platform Curve Finance is in second place locked at $ 7.20, while Maker, an iconic Ethereum-based lender, stands at $ 6.77 billion in total assets locked.
Ethereum (ETH) has been following the normal market decline in locked assets, falling from a peak of 11.03 million ETH back on April 20 to 8.631 million ETH today. However, Bitcoin has shown a positive upward movement against current trends in the DeFi world. As a result, the total value of the locked leading encryption currency is pegged to 172,474 BTC, up from 94367 BTC, which is locked on April 4, 2021.
It is not surprising that the development of total locking, especially for Bitcoin. The price of the property has suffered from its massive drop of $ 64,000 ATH in May due to its widespread energy concerns, such as blown Tesla ‘s CEO Elon Musk and continuous dismantling Bitcoin miners in China. Instead of losing their assets, Bitcoin users save it, especially with DeFi to earn passive income. Suffice it to say that some private investors see this option as a better option than direct selling at a loss.
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