#DeFi / MakerDAO Passes $1bn Milestone

MakerDAO is DeFi’s oldest project and is now the first to pass the $1bn mark of committed cryptocurrency; Collateral, locked up in the form of ether (ETH) or basic attention token (BAT), is used on Maker’s protocol to undertake lending and generate DAI as debt against collateral;

DeFi has seen a huge boon in recent months since all platforms passed $1bn in committed crypto in February, the full total of the sector is now more than $3.3bn; David Freuden, co-author of “DAO: A Decentralized Governance Layer for the Internet of Value,” told CoinDesk that innovation in DeFi will increasingly challenge the premise of centralized finance.

https://news.lendit.com/2020/07/28/makerdao-passes-1bn-milestone-first/