$400M In ETH Locked In Just One Smart Contract Of This Crypto Project People Barely Know About

As dapp development takes off, the amount of users and funds stored in smart contracts will only continue to grow and does indeed seem to be happening, as analyzed by the Decentralized Finance Pulse (DeFi), which shows that several hundred millions of funds have been stored on various platforms.

Source: Defi Pulse

The total amount, which comes to nearly half a billion dollars, is for the most part made by Maker (MKR), a token that acts as a governance token for the Maker DAO ecosystem, and which recently was today listed on Coinbase Pro. Maker’s dominance of locked funds stands at an impressive 90%.

The token has about $400 million locked while other projects, like Compound and Lightning Network, have much some few millions stored in them. Compound allows users to gain interest by lending ETH and other tokens, while Lightning Network is the very well known scaling solution.

Other projects and initiatives on the list include Uniswap, Dharma, Augur, Kyber, WBTC, Veil,9 and xDai.

Uniswap and Kyber, both relating to decentralized exchanges (DEXs), have about $10 million and $900,000 locked in respectively.

DeFi is a general term that describes dapps built on top of Ethereum. DeFi Pulse recently introduced historical data for all projects originally listed on its website,

It should be interesting to see how this develops in the near future given that there is heavily dapp development for Ethereum, EOS and TRON. While the latter two run on their own blockchains, it is experiencing an increase in development, and TRON founder Justin Sun appears to have plans to create a dapp hub for TRON.

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