Ethereum’s decentralized finance space has seen parabolic growth since the start of 2020. In the past nine months, the value of coins locked in DeFi contracts has surged from around $500 million to $10 billion — a statistic that may actually undershoot true values.
Simultaneously, tokens pertaining to the DeFi space have seen a strong uptick in price action and volume. Some coins, including the famous LEND of the Aave protocol, have gained literally thousands of percent in the span of this year.
DeFI, though, remains relatively small on the scale of the crypto market.
An investor recently made a comment accentuating the relatively small size of this segment of Ethereum’s ecosystem, showing where it could grow towards in the coming months and years.
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Ethereum Is Still Extremely Small, Even on a Crypto Scale
Accentuating how small the Ethereum DeFi space is relative to other cryptocurrencies and other markets, crypto trader Simone Conti commented:
“$LTC mkt cap is higher than the combined mkt cap of $YFI, $LEND, $UNI, $SNX. This is ridiculous.”
$LTC mkt cap is higher than the combined mkt cap of $YFI, $LEND, $UNI, $SNX. This is ridiculous.
— Simone Conti (@simoneconti_) September 20, 2020
That’s to say, some of the widely adopted cryptocurrency projects in existence currently have a less combined market capitalization that a single blockchain.
Conti