The value of the tokens underpinning decentralized finance, or DeFi, protocols has again surpassed $1 billion.
The milestone comes amid a spike in the proliferation of DeFi projects, with data aggregator DeFiMarketCap estimating 246 projects to be active.
The combined capitalization had crashed below $1 billion amid the March crypto crash that sparked a liquidity crisis for top DeFi project, MakerDAO (MKR).
DeFi token capitalization reclaims $1 billion
According to DeFiMarketCap, the three-largest tokens represent over half of the combined DeFi capitalization — with Maker representing 28%, 0x (ZRX) comprising 16%, and Synthetix Network Token (SNX) totaling 11% of the DeFi market cap.
The tokens show heavy correlation, with only four of the top 100 protocols producing price fluctuations exceeding 5% over the past 24 hours. The current combined capitalization of DeFi tokens is $1.05 billion.
Token value exceeds assets under management by 30%
Defi Pulse estimates that $703.3 million in assets are currently locked up in DeFi protocols — with MakerDao representing 49%.
The value of the combined funds locked up in DeFi protocols exceeded $1 billion in February as MakerDao’s asset capitalization broke into new highs above $500 million. However, after posting its current all-time high of $750 million on Feb. 15, Maker’s capitalization began to retract.
The mid-March crash would accelerate Maker’s decline — with locked-up funds falling 44% from $505 million to $310 in just two days and comprising a nearly 60% drop since mid-February.
DeFi Pulse estimates that the top three protocols — Maker, Synthetix, and Compound — represent 76% of all assets locked up, with $536.1 million.
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