That’s up some 4x since March and has doubled in just the past two weeks from one billion dollars to now $1.82 billion.
Compound alone now has more assets than the whole defi space had three months ago. Same goes for Maker.
Synthetix has increased considerably by more than 3x, while Balancer is new to rankings and already has close to $150 million under management.
Likewise for Aave, the flashloans dapp which also provides other lending and depositing facilities.
InstaDapp is more an aggregator, interfacing with all the other dapps. The rise in popularity of Compound and other dapps has seemingly sent this one close to $100 million.
Then of note is wBTC, the tokenized bitcoin. Not only has this left the Lightning Network in the dust by far, but it has also seen a continuous big jump to now $82 million worth of bitcoin.
That means wBTC is becoming a liquid market and since it provides access to defi, a real alternative to straight out holding bitcoin, although wBTC does have some extra hacking risks in the smart contract for example or in the custodians private keys.
Yet many are willing to take the risks to grab some of the rewards from the free tokens giveaways by many of these dapps that has led to this particular field being somewhat frothy.
For now this hasn’t quite reflected on ethereum however, or bitcoin, potentially because it is maybe a bit too early for that to feed through.
Like with the altcoin season and bitcoin, here too we might see sideways for eth while defis party, and then eventually that defi caravan makes its way to eth to party there.
It’s not clear however as there hasn’t been a defi season before, so the dynamics might be different. Something which we should find either way at some point.