After Bitcoin hit an all-time high (ATH) of $ 69,000 on November 10th, Bitcoin and the entire crypto market cooled down a bit. However, while bitcoin and ether are consolidating, there still appear to be a number of altcoins showing double-digit growth.
Interestingly, the credit history seems to be generating a lot of interest in the community, with Maker (MKR) leading the way with a gain of 8%.
The DeFi sector appears to be paving the way for a rebound as its Total Value (TVL) is up 5.27% from last week and TVL is up to $ 215.5 billion. The credit protocols in particular were the ones with the greatest gains, led by Makers and new protocols like Abracadabra.
The evolution of the credit protocols
As of June 30, 2021, DeFi credit and credit protocols accounted for more than 18% of the total DeFi market. The four largest DeFi credit and lending platforms (as of mid-August) are Aave, Maker, Celsius Network and Compound with a combined market capitalization of around $ 13 billion.
According to data from DeFi Pulse, Maker has the highest TVL at the time of writing at $ 19.02 billion, followed by AAVE ($ 14.31 billion), InstaDapp ($ 12.62 billion), Compound (Dec. $ .06 billion) and Liquity ($ 2.61 billion).
Top 5 loan projects | Source: DefiPulse
TVL goes up, but what about the price?
While MKR is up 8% in the last 24 hours, AAVE and COMP have seen gains of more than 3%. However, MKR price appears to be falling and is currently trading at $ 3,045.
MKR rose to over $ 3,600 in early November but has been consolidating since then. However, it has the potential to turn the tide.
Given recent retail interest coupled with a decline in supply on the exchanges, its momentum, along with healthy network growth, is pretty solid.
Additionally, Maker’s TVL continued to grow to $ 19.09 billion, widening the gap with Compound and Aave.
In general, credit logs have grown well over the past week, according to data from Coin98Analytics. Anchor continued to rank fourth at $ 4.33 billion, while Abracadabra rose the most, reaching $ 4 billion, lagging behind Venus.
Plus, Aave on Avalanche has a rapidly growing TVL that hit $ 3 billion in just a month of launch. Aave’s total locked down value is $ 14.31 billion, but token price has been on a downward trend since October 27th.
Overall, the landscape of lending protocols shows that newcomers like Abracadabra get bigger margins and higher paths. However, Maker still leads with a dominance of up to 36.96%.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to AMBCrypto