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The recent Ethereum price all-time high bodes well for the entire DeFi system, helping it surpass the $30 billion milestone.

Now closing in on $32.5 billion as Ethereum gets ready to test the $1,700 level, DeFi is continuing to explode. This coincides with significant growth across some of the top DeFi platforms.

Tokens like UNI and AAVE are breaking all-time price highs as well. More people are flocking to alternative financial systems with better borrowing and lending rates.

Even though transaction fees on Ethereum are at record highs, DeFi platform usage has continued to surge.

A year ago, TVL in DeFi was sitting well under $1 billion. Since then, value locked has grown by over 4,500 percent.

Yesterday, the daily growth DeFi value increased by around $3 billion. This is significantly higher than the size of the entire market not long ago. There are various reasons for this growth, with social and economic hardships all over the world being one of the primary examples.

With the rise of inflation, and in some cases, total lack of access to a functional financial system, decentralized finance provides a user-focused alternative. These platforms are permissionless and provide more significant value propositions than their traditional counterparts.

Some of the most popular DeFi use cases are exchanges, lending and borrowing, staking, interest-earning, and insurance-like risk management.

However, even without focusing on the permissionless nature of DeFi, the pure value offering is enough to convert technologically savvy users to this new ecosystem.

Maker DAO, the top DeFi platform with almost $6 billion locked, offers extremely favorable lending options. Users can lend or receive a loan, turning everyday users into self-sovereign banks that can generate interest or borrow at competitive rates.

Furthermore, there are also options like Uniswap, the largest decentralized exchange (DEX) on the market. Uniswap has almost singlehandedly turned ICOs and centralized exchange-based token launches obsolete.

With a DEX, any project can instantly list its token and provide liquidity as a market maker. This enables the entire trading lifecycle to occur without paying exorbitant fees to exchanges to get a project listed.

The post DeFi TVL Breaks All-Time High, Surpassing $32 Billion appeared first on BeInCrypto.

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