A war for on-chain market dominance may be brewing. The question: What will be the collateral of choice in the decentralized finance (DeFi) economy?
As of press time, DeFi protocols across all ecosystems have locked in almost $126 billion in value, according to DeFiLlama data, inching closer every day to their 2021 high of $175 billion. The majority of those pledged funds take the form of ether (ETH) and derivatives like yield-producing staked ether liquid tokens (stETH) and wrapped eETH (weETH), with wrapped bitcoin (wBTC) and stablecoins as a whole competing for fourth and fifth place.
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Author: Tom Carreras
