The utilization of DeFi projects on EOS is growing by the minute. In just three days, the total value locked of DeFi projects on EOS increased by 113% from $66M to $141M. In the meantime Bitfinex is continuing to release liquidity in the blockchain, recently injecting as much as $75M USDT.
Only three days after our latest news, the activity of EOS projects has increased dramatically. At the moment DefiBox, which was the most used project, has moved into third position, even decreasing its locked value. Indeed, it went from $34M to $21M, for a total of 14% of the total locked value.
Two projects outclassed Defibox: Defis Network, which previously did not even reach the third place, and a brand new project: dmd.finance. DeFis Network currently has a total locked value of $44M, while dmd.finance is $50M.
Apparently dmd.finance (Diamond Finance) is the first project of EFi, a new DeFi DAO & ecosystem on EOS. Diamond is the first yield farming on EOS, which refers to Ethereum YFI. Diamond tokens mining (DMD) started on September 3rd, and so far it seems to have been a great success.
"For a long time, Ethereum has always been the leader of DeFi, but the high fees and complicated DeFi logic of Ethereum have prevented a large number of users from really participating in DeFi applications. And another application-based public chain, TRON, is too centralized. Projects that cannot be recognized by Justin are difficult to develop."
"EOS, as a public chain with excellent performance, is more suitable than any public chain to undertake user groups that cannot be reached by Ethereum DeFi."
The Bitfinex team, in particular the CTO Paolo Ardoino, are keeping an eye on the EOS DeFi activity, and continue to take the opportunity to inject new liquidity into the system via USDT. In fact, after releasing as much as $25M USDT on April 4th, since in less than a day more than 40% of it had already been used, on April 5th they decided to enter an additional $50M USDT, for a total of $75M in two days.
So at the moment about $90M USDT is circulating on EOS, of which only 26.9% are still available. The remaining 73.1% has been used and locked through DeFi projects, for a total of over $65M USDT. dmd.finance alone is using 32% of all USDTs in circulation.
Note that the new $75M USDT in circulation on EOS, have been taken from the Tron blockchain. Clear signal of how EOS is gaining momentum against other blockchains also in the DeFi field.