According to DeFi Pulse, the value of the assets locked in decentralized finance applications increased by over 186% compared to one year ago. While this growth is significant it is still worth noting that the current locked value of $967.4 million is still down over 20% from the mid-February all-time-high of over $1.2 billion.
A recent Cointelegraph analysis shows that DeFi is emerging as a possible alternative to traditional finance.
A few days ago, decentralized finance (DeFi) player MakerDAO (MKR) partnered with payment processor Simplex to create a fiat on-ramp for its Dai (DAI) decentralized stablecoin. The partnership makes it possible to buy Dai with the credit and debit cards of Simplex’s partner firms.
MakerDAO is a leading player in the DeFi space and the organization behind the Dai decentralized stablecoin based on a complex system of Ethereum-based smart contracts. As of press time, DeFi data website DeFi Pulse shows that out of the $967.4 million locked in decentralized finance applications $550 million (over 56%) is in MakerDAO’s protocol.
Simplex is a European Union-licensed financial institution with over 100 partners that support 13 different cryptocurrencies and 19 different fiat currencies. Simplex already supports Bitcoin (BTC), Binance USD (BUSD), Stellar (XLM), Litecoin (LTC), Ether (ETH), XRP, Binance Coin (BNB), Bitcoin Cash (BCH), Tron (TRX), Cosmos (ATOM), DASH and NANO.