Market shares in the decentralized finance (DeFi) sector are shared among a very small number of platforms.
Most of the money in the DeFi space, in various categories such as peer-to-peer lending and decentralized exchanges, is flowing to just a few large projects.
According to analysis by cryptocurrency company Gauntlet, the biggest competition in the DeFi space is among decentralized exchanges. Market share in this category 54%, It is shared among the four largest platforms.
Competition is much less in the decentralized derivatives exchange, lending and liquid staking categories. According to Gauntlet data, market share in liquid staking 90% between just four projects is dispersed.
“The main reason for this is that people are running away from quality projects due to the failure of some new protocols in terms of security,” said Tarun Chitra, CEO of Gauntlet. said.
According to Chitra’s statements, only projects that manage risk well and have not been hacked in the past can increase their market share in the DeFi industry.
The collapse of FTX has affected many investors’ view of cryptocurrency platforms. According to DeFiLlama data, while the total value of cryptocurrencies sent to DeFi platforms was 179 billion dollars approximately two years ago, it has decreased to approximately 46 billion dollars today.
According to data from Blockchain research firm Messari, only about 30 DeFi projects have been launched in the last 180 days. more than $1 million earned income.