DeFi
MarketsDefinition
Decentralized Finance. Financial primitives — lending, borrowing, trading, stablecoins, derivatives — built as smart contracts on public blockchains. No intermediaries; no counterparty other than the code.
Total value locked (TVL) peaked at $180B in late 2021, currently ~$80-100B. Major protocols: Uniswap (DEX), Aave (lending), MakerDAO (stablecoin), Curve (stableswaps), Lido (staking). Plagued by exploits — billions lost cumulatively.
Total value locked (TVL) peaked at $180B in late 2021, currently ~$80-100B. Major protocols: Uniswap (DEX), Aave (lending), MakerDAO (stablecoin), Curve (stableswaps), Lido (staking). Plagued by exploits — billions lost cumulatively.