Decentralized finance is growing from strength to strength despite an overall bearish year for the majority of crypto assets. A small investment in DeFi could have yielded more than bitcoin over the past year as recent research has found out.
The Year of DeFi
If 2018 was the year of the ICO then 2019 was undoubtedly the year for decentralized finance. As Ethereum and its brethren failed to gain traction, smart contract based lending and borrowing markets proliferated.
The industry is still embryonic though. According to Binance Research the number of monthly users is tiny at just 40,000, 90% of which are using decentralized exchanges.
Year to date the total value in USD locked in DeFi has increased by almost 200% according to defipulse.com. It is currently around $660 million after hitting an all-time high of $710 million on Wednesday.
Ethereum still dominates the scene with new records constantly being broken. At the moment the amount of ETH locked in DeFi is at an all-time high of 3.1 million. This equates to around 2.85% of…