According to the analytical resource DeFi Pulse, $ 6 billion worth of cryptoassets is currently blocked in decentralized finance (DeFi) smart contracts.
Back on Friday, August 14, this figure was $ 5 billion. The leading projects are Maker, Aave, and Curve Finance, with a total amount of blocked assets for $ 3.57 billion.
Curve, a decentralized exchange (DEX) for trading stablecoins, became the third DeFi protocol with $ 1 billion locked on August 16 - a day after the Aave lending protocol reached the billion mark.
Many DeFi protocols provide tokens that users can farm and sell quickly as the price rises. While DeFi proponents are calling their products a new milestone in the "open financial system," critics point to the extreme price spikes in the market.