DeFi protocols break $10 billion in total value locked

There are now over $10 billion in assets locked across various decentralized finance (DeFi) protocols according to data from DeFi Pulse. The three protocols with the most value locked are Uniswap ($1.98B), MakerDAO ($1.95B), and Aave ($1.5b).

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Source: DeFi Pulse, The Block Research[/caption]

While it took DeFi protocols over two and a half years to reach $1 billion in total value locked, it took under a year for the industry to grow to $10 billion. This rapid growth is likely attributed to the yield farming trend popularized in 2020, in which DeFi protocols offer tokens rewards to incentivize liquidity providers on their platforms.

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