Share this article

MakerDAO Passes $1B Milestone in DeFi First

The total value of ether locked in DeFi's oldest project has surpassed $1 billion for the first time.

Updated Sep 14, 2021, 9:36 a.m. Published Jul 27, 2020, 9:40 a.m.

The total value of cryptocurrency locked in decentralized finance's (DeFi) oldest project has surpassed $1 billion for the first time.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.

MakerDAO, which is also the sector's largest protocol by a margin of $271 million locked in, crossed above $1 billion at around 18:00 UTC on Sunday, according to analytics aggregator DeFi Pulse.
The milestone, which represents how much money has been committed and not earned, demonstrates a rising interest in MakerDao and DeFi projects alike.
Collateral, locked up in the form of ether ETH$2,742.63 or BAT$0.1483, is used on Maker's protocol to undertake lending and generate DAI as debt against collateral.
Saying the news marked a "big day" for MakerDAO, David Freuden, co-author of "DAO: A Decentralized Governance Layer for the Internet of Value," told CoinDesk that innovation in DeFi will increasingly challenge the premise of centralized finance.
Maker's dominance over other projects in the sector stands at 27.1%, with the highly valued Compound protocol coming in second place at around $729 million total value locked up.
The DeFi industry has seen a significant rise in total value locked up with the sector's $1 billion milestone in all protocols having been surpassed on Feb. 7, now up by more than $3.3 billion at time of writing.