- DeFi’s TVL hit $85 billion.
- Aave and Instadapp dominate on DeFi Pulse.
Aave and Instadapp lead on DeFi Pulse as DeFi’s total value locked (TVL) hit $85 billion on August 23. The TVL represents the number of assets that are currently staked in a specific protocol. More so, the value represents the total amount of holding supply a specific DeFi app completely secured.
On top of the list comes Aave, an open-source and non-custodial protocol on Ethereum for decentralized lending and borrowing. The open-source DeFi protocol dominates the list with over $16 billion locked. Besides, Aave’s TVL surged by 16.23% on August 13. This means that Aave’s value was around $15.784 billion on August 12.
The DeFi protocol allows people to lend and borrow cryptos. Moreover, lenders earn interest by depositing cryptos into liquidity pools. Meanwhile, borrowers can then use their digital assets as collateral to take out a flash loan using this liquidity.
On the other hand, Instadapp, which is a smart wallet, comes second on the list. The Indian blockchain-based finance platform has an intuitive interface built on top of popular DeFi projects like Compound, MakerDAO, Uniswap for managing assets.
In the last seven days, Instadapp reached $11.738 billion. On August 13, the platform increased by over 3%, hitting a TVL of $12.1 billion.
As a smart wallet, Instadapp lets users save, buy or sell the collateral in a single transaction. Even more, the platform is a bridge that allows users to migrate debts between Compound, Finance Maker Vaults, and Aave.