News11 October 2021

Total Amount of Money Locked in DeFi Crosses the $210B Mark

2021 has seen the amount of money locked away in decentralized apps and other DeFi products skyrocket, according to Chainalysis. This week, the total value contained in DeFi projects crossed the $210 billion mark for the first time ever.

Compared to last year, the figure is ambitious - the total value locked as at 2020 was $8 billion. Chainalysis reported that India is topping the charts in crypto and DeFi usage, followed closely by other central and southern Asian countries.

Uniswap, the leading Dex, has driven most of the trading and investing activity since May 2020. Dydx, Instadapp, Compound and Curve are also very actively used in India and the South Asian countries.

As this growth was manifesting itself, so did the share of hacks against DeFi projects. Since the same period last year, several high-profile hacks were witnessed - with the Polygon network bearing the brunt of the losses. The hacks are still ongoing sporadically, with StakeSteak being the latest victim.

The hackers have been able to make away with millions of dollars, although experts say that laundering the money would be a much more herculean task, even more difficult than the hacking itself.

Kibet Elikana
Write a comment