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For the first time: Total value booked in DeFi projects exceeds $200 billion

For the first time: Total value booked in DeFi projects exceeds $200 billion

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Answer For the first time: Total value booked in DeFi projects exceeds $200 billion

The dominance of Defi projects rose in 2021.

Recent reports showed that the total value locked in DeFi reached an all-time high of $210.5 billion today, according to the platform. Devilama.

Which is exceptional growth, especially when compared to the figures recorded on October 8 last year which was $8.61 billion in total closed value in Defi.

India leads the way of decentralized finance:

The latest report on “Chinalysis” indicated an increase in the adoption of digital currencies, led by a surge in the adoption of Defi projects in just one year.

The report noted that Central and South Asia and Oceania saw the largest use of cryptocurrencies, with Vietnam, India and Pakistan topping the charts, according to the Global Crypto Adoption Index.

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The report also showed that Defi activity has skyrocketed, with the share of all transaction volume dedicated to Defi activity rising, starting in May 2020, and reaching more than 50% by February.

This activity was primarily driven by Uniswap, Instadapp and dydx, with significant activity on Compound, Curve, AAVE and 1inch as well.

In addition, India appears to be the leader in these Defi activities, with a participation rate of 59 percent in the Defi industry.

Chainalysis reported the following:

India has a much larger share of the activity happening on decentralized finance platforms at 59%, compared to 47% for Vietnam and 33% for Pakistan.

Fraudulent activities increase with the growth of Defi activity:

Defi projects have enjoyed this extraordinary growth but have also struggled with fraud and hacks spreading like wildfire.

Leading protocols continue to lose millions to attacks and scams that lurk with vulnerabilities and software flaws.

Earlier, many decentralized finance projects such as: “CREAM Finance”, “PolyNetwork” and many others were exploited.

Most of these protocols have seen hackers return the stolen amount soon after the exploit.

Read:Bitcoin continues to hit new records this week

Industry experts claim that laundering stolen cryptocurrencies on such a scale is a much more difficult task than even stealing them.

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