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To say 2021 was a banner year for decentralized finance would be a notable understatement. Per DeFi Pulse, total value locked (TVL) in DeFi applications topped $107 billion by the end of November. This number is remarkable on its own but even more so with context – the current TVL represents a 400% increase from November 2020’s TVL ($22.09 billion) and a 1200% jump from 2019 metrics ($8.5 billion).
With such numbers, DeFi can no longer be dismissed by doubters as a novel fad. Consumers have made it clear that they want the financial freedom and flexibility that DeFi applications provide – the overly restrictive digital solutions provided by centralized banks simply no longer measure up.
Blockchain writer Adelyn Zhou noted