Report: Stablecoins are increasingly used in DeFi services

Stablecoins have become more actively used as collateral in lending protocols. This is noted in the CoinMarketCap and TokenInsight report.

“USDC, USDT and DAI collectively account for 58% of the collateral volume on MakerDAO and 52% on Compound. In the second quarter the figures rose from 50% and 40% respectively,” the researchers noted.

According to experts, TVL of lending projects MakerDAO, Aave and Compound has decreased by 59%, 61% and 74% since the start of the year. However, in the third quarter the figures remained almost unchanged.

Compound’s share of the overall metric fell over three months from 22% to 16%.

Among DeFi ecosystems, Ethereum continues to dominate by a large margin. However, the total TVL of Tron-based applications started to rise confidently after the Terra collapse and the near-simultaneous launch of the algorithmic stablecoin USDD.

Experts also noted growth of the ecosystem based on the layer-2 solution from Optimism — 161.62% in the third quarter. In their view, the platform has narrowed the gap to the leader of the segment — Arbitrum.

Earlier, Compound paused support for tokens ZRX, BAT, MKR and YFI due to their low liquidity.

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