September 25, 2021

After breaking $100 billion TVL, DeFi is now the equivalent of a top 40 U.S. bank

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According to decentralized finance (DeFi) ecosystem tracker DeFiLlama, early this morning the DeFi ecosystem breached $100 billion in total value locked for the first time — rising 7% from $94.7 billion yesterday to $101.33 billion at the time of publication.

Aside from the psychologically significant 9th digit, the figure is notable both for the speed with which it was attained (the ecosystem sat at $20.74 billion total on January 1st, 2021) as well as the sheer quantity of assets the upstart financial vertical now represents.

Per Wikipedia, at $100 billion TVL DeFi is now the equivalent of the 40th largest American 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 #38 with $119 billion, and Credit Suisse at #35 with $124 billion.

To become the equivalent of the largest American bank, DeFi would have to surpass JP Morgan’s $3.2 trillion, and then the Industrial and Commercial Bank of China’s $4.3 trillion to become the largest in the world.

DeFi protocols on the Ethereum blockchain overwhelmingly contributeTitle: After breaking $100 billion TVL, DeFi is now the equivalent of a top 40 U.S. bank
Sourced From: cointelegraph.com/news/after-breaking-100-billion-tvl-defi-is-now-the-equivalent-of-a-top-40-u-s-bank
Published Date: Tue, 06 Apr 2021 16:18:46 +0100