DeFi cryptos gain serious traction

The locked-in value of the projects reaches $9.02 billion

DeFi cryptos gain serious traction

Decentralised finance (DeFi) projects have been gaining some serious market traction over the past few months, collectively reaching a value of $9.02 billion.

Aave continues to be the largest DeFi project, with $1.71bn locked in, followed by MakerDAO with $1.43bn, Balancer at $1.36bn, Curve Finance at $1.26bn, yearn.finance at $953.6 million and Synthetix with $871m, Cointelegraph reported. Yearn’s YFI token surged 75% in the past day, with its price hitting $38,883 on Binance. The price moved its market capitalisation to $1bn.

Excitement for DeFi hasn’t waned even with the proliferation of DeFi projects. DeFi tokens have outperformed Bitcoin this year. Tokens related to DeFi infrastructure, like Chainlink’s LINK, have also surged. Exchanges have also listed many of the more popular DeFi tokens.