DeFi Market Capitalization Reaches $1 Bln
Crypto assets intended for decentralized finance (DeFi) reached $1 bln in market capitalization. DeFi is designed to provide people with alternatives to traditional banking services, such as borrowing and lending on decentralized platforms, using smart contracts to automate transactions.
At the time of writing, the total market capitalization of all the tokens listed on DeFiMarketCap, which shows the market capitalization of 230 tokens underpinning DeFi, is $1,068,714,105. The Ethereum-based protocol, Maker, dominates the market with a market capitalization of $295,878,527. It is followed by 0x with a market cap of $171,252,000 and a Synthetix Network Token with a market capitalization of $120,956,075.
Despite the success in market capitalization, there are those in the crypto space who don't like DeFi at all. Litecoin creator Charlie LEE believes that DeFi platforms are ultimately centralized, citing an attack on the bZx protocol. Lee is convinced that this cannot be called true decentralization, since in a truly decentralized system there is not a single entity capable of stopping or halting operations.
Image courtesy of Coin Gape
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