The Leading 5 Defi Categories Overseeing Billions: An October 2023 Snapshot
As of
October 1, 2023, $39.50 billion is nestled within decentralized finance (defi)
platforms. Let’s dive into the top five categories, spotlighting the diverse array of defi protocols, the count of these applications, and the wealth they encompass.
Defillama, a decentralized finance (defi) industry aggregator, showcases an array of defi protocols, their underlying blockchains, and their held values. It features
around 35 unique categories of applications. Dominating the scene are liquid staking derivatives applications, with 119 of them controlling $23.05 billion.
Liquid staking derivatives represent tokens
that are backed by staked assets in blockchain networks, allowing users to remain liquid while their assets are staked.
Lending, the runner-up in the defi realm, encompasses protocols enabling users to lend or borrow assets.
Dex protocols are platforms that allow users to
trade crypto assets directly with one another, without the need for an intermediary or central authority.
Occupying the fourth rank in the defi landscape is the bridge category,
protocols designed to shuttle tokens between networks. Acting as vital links between diverse blockchain networks, these bridges currently oversee
$9.17 billion, spread across 46 distinct platforms.
