When Nervos co-founder Guoning Lü saw a few China-based decentralized finance (DeFi) projects raise millions of dollars in a matter of hours, he knew the DeFi craze had officially reached the East.
One project saw its total value locked (TVL) climb from $2.9 million to $14.4 million within two weeks after launching in August, before tripling three days later. The project called DODO, a liquidity provider founded by a Chinese development team, now has total value locked (TVL) – the total amount of assets staked in the protocol – of over $100 million, ranking 16th in DeFi Pulse as of press time.
DeFi is one of the hottest trends in the crypto world. So it’s not surprising the DeFi craze would find its way to China, which has an active cryptocurrency community despite government restrictions on trading and token sales.
Chinese startups are playing a crucial role in the DeFi boom with highly