DeFi Upward Momentum Led By EOS REX, Maker And Chainlink

Chainlink the oracle platform, Maker the stablecoin lending platform and the EOS resource exchange REX led the DeFi upward momentum segment of the cryptocurrency sphere, according to the newest report of TokenInsight, so let’s read more about the report in our cryptocurrency news today.

TokenInsight the blockchain data company, has published its yearly cryptocurrency report for the previous year, with a focus partially placed on decentralized finance (DeFi). The report digs into which lending platforms brought the most locked value or collateral in the previous year, and also how the Decentralized Finance  DeFi upward momentum experienced the most growth over the course of the previous year.

According to TokenInsight the status as the Ethereum’s most successful Decentralized Finance (DeFi) lending platform in 2019 was won by Maker as per the Maker crypto price prediction news. The application accounted for 76% of the total value locked in Decentralized Finance (DeFi) lending applications, and it accounted for 75% of the Decentralized Financial users of Ethereum.

In addition, TokenInsight noticed that the supply of the stablecoin of Maker achieved its peak in 2019 with $100 million of Dai in circulation. In fact, the Dai supply moved up since the report was written: there are at this time $112 million of Dai and $23 million single-collateral Dai (Sai) in circulation. The value of a meaningful size was brought also by EOS REX, was constructed to make network throughput affordable to application developers. It brought $160 million in locked value in the previous year and attained a peak of $763 million.

Two other Decentralized Finance (DeFi) lending platforms, Synthetix and Compound, accounted for a meaningful quantity of total locked value as well. They attracted $160 million and $80 million respectively.TokenInsight thinks that this category of Decentralized Finance (DeFi) will become even more important in 2020:

 “DeFi lending and stablecoins will continue [their] pace in 2020…We believe the market of decentralized stablecoins will score a substantial increase with its value growing at least 5 times.”

TokenInsight observed an extraordinarily fast growth in Synthetix, a platform that lends assets to users who put up cryptocurrency as collateral. In 2019, the total locked value of Synthetix grown 89 times, the growth went from $2 million to $180 million. Also, users have locked up 84% of the SNX supply.