The mood in the critical currency market on October 20 was higher than ever. The Bitcoin record reached $67,000. Investors are now closely watching how Altcoins and DeFi signs react to the move.
The DeFi sector took advantage of the increased BTC breakthrough. The total cost rose to a new record level in all DeFi protocols.
DeFi Llama collects data from DeFi protocols on all major blockchain networks, including AVAX, BSC, Avalanche and WBTC. There are now more than $233.88 billion locked in protocols across various blockchain networks. Currently, AAVE leads with $18.79 billion, while Curve is in second place with a value of $17.97 billion.
The WBTC, as a result of the rising price of Bitcoin, is now in fourth place, according to TVL. It is at $14.51 billion, which is located in the DeFi landscape. The most significant profit on TVL in the last seven days was Trader Joe with a 57.2% increase and Rari Capital, which experienced a 50.57% increase. Yield Yak gained 36.52%.
In addition to increasing symbolic values, the DeFi ecosystem has seen a sharp increase in new user inflows. Dune Analytics data show that 3,591,876 unique wallets currently interact with at least one DeFi protocol.
Despite the influx of new customers, the volume of trading on decentralized exchanges (DEX) remained at the maximum set in May and is currently lower than the activity of recent months. One possible reason for this may have been the increased focus on BTC over the last two months, whether the price of BTC will exceed $100,000 by the end of 2021.
Conclusion
Another factor contributing to the growth of DeFi may be the stable integration of stable coins. The exciting story of the increase in Tether’s circulating inventory largely coincides with the rise in the price of Bitcoin, and this latest promotion is no exception. On the same day that BTC set a new record, so did the USDT.
The importance of stable coins for DeFi’s overall economy is evidenced by the total value locked into the Curve, which refers explicitly to creating Stabilcoin pools for ecosystem-wide use. The capital value of the cryptocurrency market is currently $2.635 trillion.
It seems that 2021 is full of new achievements and innovations for the trading industry. Many important events are taking place in the industry, and more than two months are still ahead.
