DeFi MarketCap Hits $10 Billion
A new report by Coin Metrics shows the DeFi MarketCap at around $10 Billion USD, climbing back up to it’s all time high of around $15 Billion.
Although it may seem like it popped up overnight, DeFi has been around for years. During 2018 early projects like MakerDAO (MKR) and 0x (ZRX) pushed the total DeFi market cap to over $5B, as Ether (ETH) price reached all-time highs. But the initial DeFi surge was dwarfed by this summer’s run, which saw the rapid entry of many new projects.
DeFi market cap peaked on September 18th shortly after the launch of Uniswap’s UNI governance token.
Similar to market cap, DeFi usage as measured by daily active addresses also peaked in September. Following the initial airdrop there were over 176K UNI active addresses on September 17th, by far the largest amount in DeFi history. But since then UNI daily active addresses have rapidly declined and leveled off at about 5K per day.
All these metrics seem quite bullish for DeFi moving forward and a possible 3rd wave.