DeFi blocked funds exceeded $6 billion

by in Cryptocurrency News

DeFi

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.

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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.