Outstanding crypto loans in DeFi protocols have now surpassed $3 billion.On Aave, Compound, and MakerDAO, there is over $3 B of outstanding loans, $98.8 M of which was borrowed last week.
These lending protocols are not like usual crypto loans firms. They’re networks, decentralized such that no individual body regulates the money that circulates through them, and there is no need for identity verification.
Compound is the most popular platform; the majority of all outstanding loans or $1.6 B belongs to Compound. There’s about $1 B on MakerDAO, and $361 M on Aave.
Trending: BlackRock Presents Private Bitcoin TrustCompound boom started in late June when Compound launched its governance token COMP. The asset allows users to vote on offers to upgrade the system. It also swaps on secondary markets, motivating users to practice the platform.
Anyway, it's worth mentioning that Maker and Aave had huge success during the summer and autumn. Now, Compound carries 52% of the market share; Aave 12%, and MakerDAO 33%. Although Compound's value of outstanding loans is the highest, 75.7% of all loans, or $2.3 billion, are for DAI, the decentralized stablecoin built by Maker.