The decentralized finance (DeFi) market has recorded a new all-time high this month in terms of monthly users, on top of breaking past the $8.9 billion total value locked (TVL) territory.
This stellar performance can be due to the things that are happening in the DeFi space. Last week, lending protocol Aave climbed its way to the number one spot in terms of total value TVL. The platform has successfully locked a total amount of $1.71 billion, leaving Maker and Balancer in the second and third place, respectively.
As the above chart shows, the number of active users in July did not even break the ceiling of 100k. However, upon entering the month of August, the number spiked to up to almost 300k, a record-breaker in the DeFi space.
These achievements in the DeFi space prompted mixed thoughts and opinions from the DeFi community. Some say that only the whales are capable of transacting in the DeFi space due to the high ETH gas fees in the event of a network congestion.
But the figure above debunks the said assumption, proving the the growth of the DeFi market is a combined effort of both whales and retail users.
Regardless, the total TVL of the DeFi market as of this writing amounts to $8.95 billion, another all-time high. The growth is so phenomenal that staple cryptocurrencies like Bitcoin are being outshined in terms of market performance.