Throughout 2019, the decentralized finance (DeFi) trend gained major momentum, with the total value of crypto locked within DeFi-related loans climbing towards $1 billion by the end of the year, before surmounting this milestone in January.
This number dropped significantly in mid-March, concurrently with the capitulatory plunge seen by the aggregated crypto market.
The market-wide meltdown caused nearly $700 million to be pulled from DeFi-related loans, with much of this value loss coming about as the result of position liquidations.
In the time since then, the trend has reemerged with vengeance, as the total locked value was just able to rocket to fresh all-time highs today.
One notable byproduct of this rebound in DeFi’s popularity has been a rapid price surge in crypto tokens that are associated with this sector.
DeFi sees massive growth over past three months following crypto market meltdown
Crypto market participants have been pouring money into the DeFi ecosystem over the past several months alongside the market’s recovery.
This trend is clearly seen while looking towards the total value of crypto locked within collateralized DeFi loans, which just surpassed its previously established all-time highs – rising to $1.35 billion today.
This number has been steadily increasing over the past few months, but it went parabolic today.