FFCON21 Breaking Barriers May 11-13, 2021

DeFi Market Cap Reaches $45 Billion as Token Prices Shoot Up

Decrypt | Liam Frost | Jan 25, 2021

DeFi trends - DeFi Market Cap Reaches $45 Billion as Token Prices Shoot Up

Decentralized finance tokens have been growing rapidly and now make up 4.6% of the $1 trillion crypto market.

In brief

  • The market cap of decentralized finance (DeFi) tokens has exceeded $45 billion.
  • Some DeFi tokens grew by 50–100% or more over the past week.
  • Even most cautious crypto enthusiasts say there is still a lot of room to grow left for DeFi.

The total market capitalization of all decentralized finance (DeFi) tokens has exceeded $45 billion today, according to crypto metrics platform CoinGecko.

Market capitalization is an asset’s current price multiplied by its total supply—a metric that lets you compare multiple coins that have wildly varying supplies. In other words, this means that all DeFi-specific tokens combined are worth over $45.5 billion at press time.

“DeFi total market cap. 2020 was at $2 billion. 2021 now at $43 billion,” CoinGecko tweeted yesterday.

Evidently, the DeFi ecosystem grew by another $2 billion in terms of its market cap since then—in just one day. During the same period, the total daily trading volume of DeFi tokens exceeded $12 billion.

Over the past week, for example, many DeFi tokens have seen significant price surges, thus contributing to the total market cap’s growth. Out of the top 10 assets, Uniswap (UNI) and AAVE showed the most notable results, both increasing in price by roughly 40% in the last seven days, according to CoinGecko. Other coins rose even faster, with DODO and Alpha Finance each doubling in the last seven days.

However, considering DeFi’s somewhat chaotic nature (and the tendency to get hacked regularly), some users are skeptical toward the ecosystem—but even they acknowledge that there is still a lot of room for this “bubble” to grow.

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See: 

All-In on DeFi: Why the Days of Centralized Exchanges Are Numbered

Intro to yield farming and the latest developments in DeFi

FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi

Interested in a High Interest Bitcoin Saving’s Account? Interview with Ledn CEO, Adam Reeds

Lock BTC, Get DAI: Lending Firm Bridges Bitcoin-DeFi Divide in Latin America

 


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