Too Long; Didn't Read
The DeFi market has grown by leaps, increasing the value locked by more than 50 times in the past 12 months. This market, however, is not a single entity but a loose structure of interconnected projects, including lending, algorithmic trading, and yield farming. The value locked is also instrumental, as it is collateral to lending projects and a source of stability for the DAI dollar-pegged asset. But there are signs showing that ETH has growing competitors in the DeFi space. There are no indications of large institutions backing collaterals or participating in DeFi projects.