The total market capitalization of DeFi unexpectedly exceeded USD 8 billion
Decentralized financial markets (DeFi) continue to be inflated as the amount of money flowing into the industry has just hit a new high. Today, DeFi’s total market capitalization has exceeded another giant threshold.
The list of top 100 DeFi tokens by market capitalization of cryptocurrency data site CoinGecko has surpassed the $ 8 billion mark today (January 8) and has been hovering around that number ever since.
Meanwhile, according to another DeFi data statistics website, “DeFi Market Cap”, the total market capitalization of the top 100 DeFi tokens is currently at $ 7.1 billion. Chainlink data (LINK) — the coin is the top 1 in the list of CoinGecko.
Despite the differences between actual sources of DeFi market capitalization, there has been no debate about the heat of the DeFi name over the past few months.
Just in early June, the time DeFi Market Cap recorded more than $ 2 billion, and this number has doubled since the site launched in mid-April.
We have seen DeFi’s remarkable growth in other metrics recently, such as the amount of value locked in DeFi contracts. This figure reached 4 billion USD at the end of last week — just a few days after surpassing 3 billion USD. Earlier this week, crypto data provider Messari reported that more than $ 1 billion worth of Ethereum (ETH) was locked in the DeFi Maker protocol.
Undoubtedly, the huge influx of capital into DeFi at this time is the factor that drives the price of ETH soaring, due to the impact of tokens being locked in projects, thereby reducing the availability of ETH on the market.
In the face of all that, some people fear that DeFi’s explosive momentum right now is a bubble and at risk of exploding at some point.
“We are clearly at the beginning of the DeFi bubble,” said Will Price, data scientist at Flipside Crypto. “But if DeFi has any chance of becoming a new financial future, its valuation is still extremely low. Reconcile ongoing innovations with assets like XRP, LTC, BCH. ”