MakerDAO has become the first DeFi protocol to reach a total locked in value of $1 billion, reaching the milestone on July 26, according to DeFi data platform DefiPulse. Maker’s dominance currently stands at 27.74% of the whole DeFi market.
For a while, Maker had its market cap dominance usurped for a moment by Compound (COMP) and later on by Ampleforth (AMPL). Indeed, the latter has the second highest market cap among DeFi assets, according to CoinMarketCap.
MKR is reaching its debt ceiling, which was increased to $220 million on July 22. Debt ceilings are implemented to prevent a supply shock. The advent of yield farming has resulted in more DAI being on the Compound Finance platform than actually exists. The loop of lending and borrowing has caused this issue, and solutions are being examined.
The DeFi space is the talk of the cryptoworld at the moment, with several developments - largely revolving around liquidity reward programs and yield farming - making DeFi an attractive investment choice.
DeFi has seen a growth of over $1.5B in July alone, with big names like Binance and Coinbase playing the DeFi game as well. Binance listed MKR and DAI last week, while Coinbase added COMP in early July.