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To date, there have been several significant landmarks that have been achieved by cryptocurrency during its decade-long evolution into a legitimate asset class. US SEC (Securities and Exchange Commission) regulation, token sales and coin offerings, derivatives-market maturation and development of government and central-bank digital currencies are just some of the most significant of those milestones. But as far as 2020 is concerned, it is the DeFi revolution that has taken the space by storm.
As is often the case with crypto, this has meant that we have seen astronomical gains in the price of several tokens belonging to DeFi projects. The non-custodial, decentralised derivatives exchange Serum, for example, experienced a monumental 1,500-percent price surge in just the 24 hours after its token launch on August 11. And, as such, DeFi markets are now showing explosive growth in terms of the total value locked in them. According to analytics hub DeFi Pulse, more than $8.5 billion was locked up in DeFi contracts at the beginning of September, compared with the mere $1,000 or so that was tied up 12 months ago. And even by April of this year, only $650 million had been committed, demonstrating just how steep the interest in DeFi projects has been in recent months.
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