Bitcoin

DeFi can continue to grow as the 30 most wanted “useless” coins are extinct

The data released from Messari, the crypto market analysis company on July 29, point this out The collective capitalization of the decentralized financial sector (DeFi) is only 1.5% of the total cryptocapitalization.

According to Messari, that is The total capitalization of DeFi projects is approximately USD 4.120 millionBitcoin Cash (BCH), less than the fifth crypto asset by market cap.

Watkins too he showed that the “literal Meme currency “Dogecoin (DOGE) has a larger capitalization than all DeFi projects, except MakerDAO (MKR).

DeFi can continue to grow as the 30 most wanted “useless” coins are extinct
DeFi can continue to grow as the 30 most wanted “useless” coins are extinct

Despite the recent DeFi boom that has left the sector overpriced, analyst Ryan Watkins believes Due to the small size of the DeFi sector, there is still considerable scope for expansionon the grounds that it could benefit from a “redistribution” of capital from the top 30 projects that are “useless first generation cryptocurrencies,” ETH killers “of ghost towns and dead projects”.

“DeFi does not need any new means to flow into the crypts and continue their ascent. All you need is redistribution of capital. “

However …

However, Messari data only deals with the capitalization of popular DeFi tokens, including the newly released Token Compound (COMP) and Balancer (BAL).

With only a small percentage of the total token supply currently in circulation for both projects and considerable controversy over the role of FTX derivatives in the price of both tokens Some crypto analysts are Skeptic Regarding the immediate growth potential of DeFi tokens, the price of which has recently risen.

DeFi Locked Funds are approaching $ 4 billion

The recent The crypto rally showed that Bitcoin (BTC) exceeded $ 11,000 and Ethereum (ETH) $ 300 for the first time in about 12 months The enthusiasm for DeFi tokens has not decreased significantly.

Less than two months after the second exceeding $ 1 billion The funds currently blocked in DeFi are currently $ 3.7 billionaccording to DeFi Pulse.

MakerDAO is the largest DeFi protocol with $ 1.03 billion and 28% of the sector’s blocked capitalfollowed by Compound at $ 796 million or 21.5% and Synthetix (SNX) at $ 483 million or 13%.

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