Decentralized Finance is the most important aspect of cryptocurrencies and blockchain. It brought the world of finance just a click away and connected thousands of unconnected people to the world of finance, it has opened thousands of opportunities in the space and opened for innovation. In this article, we will look into the top three platforms by the Total Value Locked (TVL) in the platform.
Overview Total Value Locked In DeFi
Before we look into the platforms let's check out the DeFi space. As you can see in the picture below current total value locked in all the DeFi platforms across all chains is ~$163.25 Billion. The real adoption of DeFi has been started in early January 2021 and from there it has not been looked back. And now due to the uncertainties in the crypto market, it is currently at the level of two month low.
Top Three DeFi Platforms
The top three DeFi platforms by total value locked according to the DeFiLama are as follows:
1) Curve (CRV)
2) MakerDAO (MKR)
3) Anchor (ANC)
Now let's have a look into all of these platforms by their individual features.
1) Curve (CRV)
The curve is a multichain DeFi platform that offers its services across eight different chains. CRV is the native coin that is used for governance purposes which has been launched in 2020, 60% of the total supply of CRV tokens has been distributed to the users who had previously locked crypto on Curve and 30% of the reserve to the development team and early investors.
With the $17.98 Billions locked in the platform, Curve ranks first on the leaderboard with the dominance of 11.01%
Native Token: CRV
Supported Chains: Ethereum, Fantom, Harmony, Polygon, Arbitrum, etc.
TVL: $17.98 Billion
Official website: https://curve.fi/
2) MakerDAO (MKR)
As the name suggests Maker is a Decentralised Autonomous Organisation and is built & operates over Ethereum blockchain. It has been founded in 2014, which makes MakerDAO one of the earliest platforms in Decentralised Finance. MakerDAO provides a lending and borrowing interface and the entire operations take place by the smart contracts over Ethereum blockchain without any human intervention. Along with the lending & borrowing services, it also has its own stable coin called DAI the first decentralized stable coin. MKR is a native governance coin for the MakerDAO which has been launched in 2015 - 2017.
Currently, the total value locked in MakerDAO is around $15.77 Billion, which puts MakerDAO on the second leaderboard.
Native Token: MKR
Supported Chains: Ethereum
TVL: $15.77
Official website: https://makerdao.com/
3) Anchor (ANC)
Compared to all the above DeFi platforms Anchor is relatively the youngest platform, not even completed a single year but has been taken its share in the market. Anchor is live on the Terra network and has been launched by the Terraform labs in March 2021. It acts as a saving account where users can get up to 20% annual interest rates in form of UST (TerraUSD) a stable coin. ANC is the native token of Anchor protocol which has been launched just a month ago.
Currently, the total value locked in Anchor protocol is $12.59 Billion which brings Anchor on the third rank.
Native Token: ANC
Supporting Chains: Terra
TVL: $12.59 Billion
Official website: https://app.anchorprotocol.com/
This is all about the top three DeFi platforms by total value locked who are leading the Decentralized Finance space. This certainly is short detail about these platforms as there is so much to talk about them, you surely should explore the platforms and utilize them to their full potential.
Hope you find this article informative and guide you to explore the DeFi space. Thanks for your time and appreciation! Keep Exploring!!
