Yesterday, one of DeFi's assets, Aave (LEND) has set a record by becoming the first of its kind with a market capitalization of over $ 1 billion, according to Messari's DeFi token data. At the time of the report, the token has a market capitalization of $ 1.1 billion according to CoinMarketCap.
DeFi tokens have conquered the cryptocurrency space. Some of them have registered exponential growth, reaching prices without proceeds. In addition to some that surpass Bitcoin in price, some like LINK have surpassed the number one cryptocurrency by percentage of price growth in recent weeks. This DeFi boom is expected to grow as more investors flock to the crypto space in search of some high-yielding tokens.
LEND is just the first
While LEND has set a record as the first DeFi asset to reach a market cap of $ 1 billion, it is not likely to be the last. Ryan Watkins, a researcher at cryptocurrency research firm Messari, say what many more projects will reach that level of growth as the industry continues to grow.
Until now, there were only 27 crypto assets with a market capitalization above $ 1 billion. LEND broke the billion dollar level after gaining more than 20% in the last 24 hours despite the ongoing pullback in the crypto market. In addition to setting a record, this growth may be ushering in LEND's own breakout to a high level.
DeFi gaining prominence
There has been an increasing amount of investment that has been locked into DeFi projects. The industry currently has more than $ 7 billion locked in and LEND has the largest share of the investment. In fact, it is in the top six who have 90% of the entire company.
According to DeFipulse, Aave currently has the largest stake with $ 1.52 billion locked, followed by MakerDAO with $ 1.42 billion, Curve Finance with $ 1.15 billion, Yearn Finance with $ 821 million, Synthetix with $ 856 million and Compound representing $ 803 million.