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.
Follow ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.