Total Value Locked (TVL) in DeFi Exceeds USD 2.54 Billion with MXC Global as the Major Trading Platform for DeFi
According to the latest data from DEFIPULSE, the Total Value Locked (TVL) in DeFi has surpassed USD 2.54 billion. TVL has increased by 98.43% compared with the highest value on March 12, or the “Black Thursday”.
With DeFi becoming a big hit in the cryptocurrency market, exchanges list DeFi one after another. MXC Global becomes the main trading platform of DeFi for rapid follow-up.
At present, there are at least 34 DeFi projects supported by MXC Global, including both old and newly launched DeFi projects this year.
On February 15, 2020, TVL in DeFi reached USD 1.28 billion, the highest value since 2017. Bitcoin plummeted to USD 3,800 on the “Black Thursday”. Then, TVL in DeFi fell to USD 571 million on March 13.
After March 12, most of the old DeFi projects not only have recovered from the slump but also rocketed by 95.4% — 1320%.
From March 12 to July 20, the price of LEND (AAVE), RSR (Reserve), BNT (Bancor), ZRX (0x), LINK (ChainLink) in MXC Global increased by 1320%, 600%, 537.9%, 345.45 and 280.8% respectively.
In 2020, the highest increase amount of DeFi projects launched on major trading platforms has surpassed it of BTC, ETH, and other mainstream coins. Take the DeFi projects listed in MXC Global as an example:
COMP (Compound) is the hottest DeFi project this year. MXC Global price shows that the highest increase amount of COMP once reached 16566% during this year.
In the past 4 months, MXC Global listed STONK, OKS (Oikos), DF (dForce Network), BAL (BalancerPool), ALEPH (Aleph.im), DMG (DMG), NEST (NETS Protocol), RUNE (THORChain), UMA (UMA), AVA (Aava). The highest increase amount after listing was from 166.6% to 4900%, with 8 of their highest increase amounts all above 600%.
We calculate the increase amount based on the lowest and highest prices of DeFi projects after March 12. Because the market gives us an insight: even a sharp drop happened on March 12, it only led to a brief panic in the market, followed by a significant rising trend, which is far better than 2019.
From April, DeFi has begun to recover gradually, followed by explosive growth in June. The deposits of most newly launched DeFi projects rocketed in June. Thus, TVL jumped by 77.6% from USD 950 million to USD 1.68 billion, with TVL of COMP once even surpassed that of the old project, Maker.
The TVL of Maker quickly recovered from June 22 and reached USD 650 million, winning back its leading place. Compared to this year’s lowest value, USD 285 million, it grew 2.28 times.
CoinMarketCap and CoinGecko data show that MXC Global is the main trading platform for DeFi projects. For STONK/USDT, OKS/USDT, OKS/ETH, DMG/USDT, AVA/USDT and other popular pairs, the trading volume account for 38.5%, 29.46%, 22.28%, 27.67%, 8.06% of the market respectively.
The current DeFi market includes decentralized loan protocol, such as COMP, Uniswap; decentralized exchanges, such as IDEX; decentralized payments, such as xDai; decentralized stable coins, such as PAX.
Recent research by Tokeninsight pointed out that the deserted market in June urged a new hit. DeFi, which began to heat up in the middle and late Q2, directed the way for the market.
As a cryptocurrency trader, it is an investment topic to discuss how to quickly follow the market and gain returns from the DeFi projects trading. Cryptocurrency exchanges, the most sensitive part and fastest follower of the market deserve investors’ attention.