With so many projects vying for traction in the DeFi space, it becomes pertinent to keep tabs on everything. There are quite a few projects approaching the $500 million market cap. Reaching the level of ChainLink, however, will be quite difficult.
The ChainLink DeFi Dominance
It is interesting to see how far things have come in the world of decentralized finance. With a combined market cap of just under $8 billion, the industry is certainly heading in the right direction. It represents just 2.3% of the cryptocurrency market cap, but there is significant growth going on regardless.
Another interesting statistic is how the DeFi tokens have over $1.3 billion in combined trading volume. Most of this volume is generated by ChainLink, but DAI is also doing its part. Both BNT and YFI are also moving up the volume ranks very quickly, despite not reaching a market cap of $100 million at this time.
For the time being, this space is dominated primarily by ChainLink. It represents 34.8% of the total DeFi market cap, as it is the only project valued above $2.7 billion. AMPL, in second place, has a market cap of just under $500 million. It is almost like comparing Bitcoin and Ethereum in terms of total valuation.
Healthy Industry Growth
According to CoinGecko, there are currently 66 decentralized finance tokens to keep an eye on. Some of these represent tokenized versions of Bitcoin, such as WBTC, TBTC, IMBTC, and so forth. Bringing more DeFi use cases to Bitcoin holders will ensure future growth for this industry.
As this industry continues to evolve, there will be plenty to look forward to. Platforms coming to market early will have their work cut out to remain competitive. Especially with the likes of YFI gaining over 360% in value in a week, it is pertinent to keep users engaged at all times.