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Much like depositing funds in a savings account provides commercial banks with capital for giving out loans; also, holding crypto in yield-bearing “accounts” enables Decentralized finance platforms with the necessary capital to operate, while in return they give the platform’s token to the investor as interest.
The Demand Level for Yield Farming Amplifies
Yield farming has also been able to generate network effects on the platform that greatly amplify the demand for the platform tokens, consequently increasing their market value.
The allure of yield farming persists as long as crypto investors seek avenues to earn interest. The DeFi platform leverages funds from individual liquidity providers (LPs) who contribute capital to power their services. LP is one of the methods of profiting from yield farming which works by acquiring and holding tokens from leading yield farming enterprises.
Market Overview
The major market crash of 2022 inflicted losses exceeding hundreds of billion dollars, marking a staggering decline of over 76%. However, since the conclusion of 2023, there has been a notable resurgence in investor enthusiasm for crypto assets. This resurgence can be attributed to Ethereum’s successful transition to Proof of Stake (PoS), the emergence of liquid staking protocols, and the SEC’s green light for Bitcoin spot futures.
Data from DefiLlama reveals an encouraging trend in the Total Value Locked (TVL) within DeFi. By December 31st, 2023, the TVL had reached $65 billion, marking a significant 44% year-over-year increase. Remarkably, just three months later, in March 2024, this figure had nearly doubled, surging to $115 billion.
Lending Versus Staking
Liquid staking plays a major role in shaping the DeFi environment in 2024, especially in the Ethereum (ETH) ecosystem. Rising to the top, Lido took advantage of the need for liquid staking as Ethereum switched from proof of work to proof of stake.
DeFi financing is another well-known industry that has attracted a lot of attention from investors since 2023. Together, the three major protocols Aave, JustLend, and Spark have close to $20 billion in Total Value Locked (TVL).
Decentralized exchanges (DEXs) are still popular among Bitcoin enthusiasts who are looking to farm cryptocurrency for the best returns. Maintaining their dominance in this market with high median Annual Percentage Yields (APYs) in the double digits are Uniswap, Curve, and Pancakeswap.
Top-yielding farming platforms include the following; Uniswap (UNI), Aave (AAVE), Curve Finance (CRV), PancakeSwap (CAKE), Lido Finance (LDO), EigenLayer, and JustLend (JST),
Conclusively;
The DeFi environment has become more diverse than it has ever been, with well-known platforms in liquid staking, lending, and DEX yield farming all seeing significant expansion. TVL, or total value locked, increased from less than $50 billion to more than $110 billion, a more than twofold increase.
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