MakerDAO becomes the first DeFi protocol to hit $1B in TVL
- MakerDAO has become the first decentralized finance protocol to hit $1 billion in total value locked.
- The lending protocol now dominates the DeFi space with nearly 28% share.
- Overall, DeFi protocols now have more than $3.60 billion in total value locked.
MakerDAO has become the first decentralized finance (DeFi) protocol to hit $1 billion in total locked value. This means that MakerDAO users currently have $1 billion worth of funds locked in the protocol for lending purposes. According to DeFi Pulse, the lending protocol now dominates the DeFi space with nearly 28% share.
Total value locked in MakerDAO $MKR exceeds $1 billion pic.twitter.com/skE2UXwZEw
— Unfolded (@cryptounfolded) July 27, 2020
MakerDAO is followed by Compound and Synthetix, which have around $764 million and $423 million in total value locked, respectively. Aave, Balancer and Curve Finance are also a part of the top ten protocols. Overall, DeFi protocols now have more than $3.60 billion in total value locked. Just earlier this month, the total amount locked was $2 billion and in February, it was $1 billion.
MKR/USD daily chart
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MKR/USD has had three straight bearish days and dropped below the triangle formation. MKR/USD has fallen from $517.31 to $502.80 as bears aim to take the price below the $500. The Elliott Oscillator has had a red session after ten straight green sessions.
MKR/USD has two strong resistance levels at $520.42 and $550.20. On the downside, we have healthy support at $494.64 (SMA 50), $489.75, $476.85 (SMA 20) and $466.15.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
