RATE Group | Ethereum-based Maker Still Dominates DeFi, Competitors Emerging
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Ethereum-based Maker Still Dominates DeFi, Competitors Emerging

30 Jan Ethereum-based Maker Still Dominates DeFi, Competitors Emerging

Posted at 05:16h in Cryptocurrency News by

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Maker, the Ethereum-based DeFi protocol, remains dominant in decentralized finance, but competitors such as Compound, Uniswap, and Synthetix showed strong growth in 2019.

Maker Remains the King of DeFi

MakerDAO, creator of “the world’s first unbiased currency” DAI, enjoyed first mover advantage in the burgeoning DeFi market. With almost $850 million worth of collateral locked in DeFi smart contracts, Maker dominance sits at 57% with almost half a billion dollars in total locked value. The DeFi market itself grew exponentially in 2019, up from just over $250 million since the beginning of last year.

Total Value Locked in DeFi protocols over time
Courtesy DeFi Pulse, Total Value Locked in DeFi protocols over time

Maker’s dominance is even more pronounced in lending markets, where it powers 78% of total value locked. In the beginning of 2019, Maker was the only DeFi protocol to have locked in significant collateral.

Total Value Locked in DeFi protocols at the beginning of 2019
Courtesy Crypto Oracle, Total Value Locked in DeFi protocols at the beginning of 2019

Competitors Emerge

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