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After breaking $100 billion TVL, DeFi is now the equivalent of a top 40 U.S. bank

It’s a long road to the #1 spot, but some ecosystem players think we’ll get there eventually.
According to decentralized finance (DeFi) ecosystem tracker DeFiLlama, early this morning the DeFi ecosystem breached $100 billion in total value locked for the first time — rising 7% from $94.7 billion yesterday to $101.33 billion at the time of publication.Aside from the psychologically significant 9th digit, the figure is notable both for the speed with which it was attained (the ecosystem sat at $20.74 billion total on January 1st, 2021) as well as the sheer quantity of assets the upstart financial vertical now represents. Per Wikipedia, at $100 billion TVL DeFi is now the equivalent of the 40th largest American bank, sitting between Silicon Valley Bank’s $97 billion in assets and BBVA USA’s $103 billion. Some notable names poised to be left in the dirt in the coming months include Deutsche Bank, sitting at #38 with $119 billion, and Credit Suisse at #35 with $124 billion. To become the equivalent of the largest American bank, DeFi would have to surpass JP Morgan’s $3.2 trillion, and then the Industrial and Commercial Bank of China’s $4.3 trillion to become the largest in the world. DeFi protocols on the Ethereum blockchain overwhelmingly contribute to the majority of DeFi’s $101.33 billion. The top 20 protocols by TVL account for $82.33 billion, and 14 of those are native to Ethereum with an aggregate TVL of $66.42 billion. Ethereum competitor Binance Smart Chain counts 4 protocols in the top 20 with $14.53 in TVL, while Terra’s Mirror synthetic asset platform contributes $1.77 billion and multi-chain Autofarm rounds out …
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