It’ll be a long journey to the top, but some ecosystem players say we’ll get there finally.
According to DeFiLlama, a decentralised finance ecosystem tracker, the DeFi ecosystem hit $100 billion in overall valuation locked for the first time early on Tuesday, rising 7 percent from $94.7 billion on Monday to $101.33 billion at the time of release.
Aside from the socially important ninth number, the statistic is noteworthy for the pace at which it was accomplished (the economy sat at $20.74 billion overall on Jan. 1) and the sheer amount of assets represented by the upstart financial vertical.
According to Wikipedia, at $100 billion TVL in DeFi is now the equivalent of the 40th-largest United States bank, sitting between Silicon Valley Bank’s $97 billion in assets and BBVA USA’s $103 billion. Some notable names poised to be left in the dirt in the coming months include Deutsche Bank, sitting at number 38 with $119 billion, and Credit Suisse at number 35 with $124 billion.
DeFi will have to exceed JPMorgan’s $3.2 trillion to become the equivalent of the biggest US bank, and then the Industrial and Commercial Bank of China’s $4.3 trillion to become the world’s largest.
Protocols on the Ethereum blockchain account for the vast majority of DeFi’s $101.33 billion. The top 20 protocols by TVL account for $82.33 billion, with 14 of them being native to Ethereum and totalling $66.42 billion in TVL.
With $14.53 billion in TVL, Ethereum rival Binance Smart Chain has four protocols in the top 20, while Terra’s Mirror synthetic asset network contributes $1.77 billion and multichain Autofarm rounds out the top 20 with $1.48 billion.
When approached for comment on the milestone, BadgerDAO’s Chris Spadafora confirmed that the $100 billion is just the first phase towards a much bigger expansion that is on the horizon.
“It is just the launch for DeFi, and by this time next year, it will be 20x the present TVL,” he added.
Similarly, eGirl Capital’s Degen Spartan invoked Elon Musk while commenting on the achievement.
“In retrospect, it was inevitable.”
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