MakerDAO becomes first DeFi protocol to hit $1 billion in total value locked

MakerDAO, a non-custodial lending protocol, has become the first decentralized finance (DeFi) protocol to hit $1 billion in total value locked.

The milestone means MakerDAO users have $1 billion worth of funds locked in the protocol for lending purposes. With that mark, MakerDAO now dominates the DeFi space with nearly 28% share, according to tracker DeFi Pulse.

MakerDAO is followed by Compound and Synthetix, which have ~$764 million and ~$423 million in total value locked, respectively, per the tracker. Aave, Balancer and Curve Finance are part of the top 10 protocols.

Overall, DeFi protocols now have over $3.60 billion in total value locked. It didn't take much time for these protocols to reach that number. Just earlier this month, the total amount locked was $2 billion, and this February, it was $1 billion.

As The Block previously reported, one needs to take the total value locked with a grain of salt as it does not take into consideration vertical-specific parameters, such as decentralized exchange (DEX) volumes. The Block's Open Finance Index (OFI), developed by Matteo Leibowitz, accounts for those parameters to reflect the real picture of the DeFi ecosystem.

The OFI has also grown sharply — over ten times — within the last month. 

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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