Decentralized finance or DeFi became increasingly important within the overall crypto market, effectively doubling its market share since 2020. This continued over the course of 2021, when the DeFi TLV - total value locked, essentially the market size - grew by nearly 100 million U.S. dollars between April and March. What exactly is DeFi, however? Whilst there is no general consensus what this market entails exactly, it generally refers to financial applications built atop Ethereum (ETH) especially. Applications can consist of decentralized exchanges or DEXs, such as Uniswap or PancakeSwap, or crypto protocols regarding lending and borrowing, such as Aave. These applications, on their turn, are powered by their own cryptocurrencies: The Uniswap DEX uses the Uniswap token (UNI) for governance. Nevertheless, the price development of ETH was heavily influenced by the growing popularity of DeFI.
DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from September 2020 to September 2021
Estimates based off the market caps of 20 different DeFi tokens, against the market cap of 48 different cryptocurrencies. As there are significantly more of these digital coins, these figures do not capure the entirety of the market
Supplementary notes
The numbers provided have been collected and calculated by Statisa using five URLs from BitInfoCharts and 20 different DeFi coins - with figures from CoinGecko. The methodology used was similar to that of The Block.
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Statista. (September 13, 2021). DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from September 2020 to September 2021 [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/1262836/defi-dominance/
Statista. "DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from September 2020 to September 2021." Chart. September 13, 2021. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1262836/defi-dominance/
Statista. (2021). DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from September 2020 to September 2021. Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/1262836/defi-dominance/
Statista. "Defi Dominance, or Defi Market Capitalization as a Share of The Overall Crypto Market Cap, Worldwide from September 2020 to September 2021." Statista, Statista Inc., 13 Sep 2021, https://www.statista.com/statistics/1262836/defi-dominance/
Statista, DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from September 2020 to September 2021 Statista, https://www.statista.com/statistics/1262836/defi-dominance/ (last visited October 31, 2024)
DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from September 2020 to September 2021 [Graph], Statista, September 13, 2021. [Online]. Available: https://www.statista.com/statistics/1262836/defi-dominance/
