November 25, 2021, 12:04PM EST
• 9 min read

Current state of DeFi in 2021: Part 1

Quick Take

  • This is a section from The Block Research’s upcoming 2022 Digital Assets Outlook report
  • Maker was the largest lending platform by value locked and outstanding debt
  • Curve and Uniswap v3 were the largest decentralized exchanges by value locked and volume, respectively
  • dYdX outpaced other derivatives protocols in volume after the introduction of its recent liquidity mining program
  • Convex surpassed Yearn and became the largest yield optimizer by value locked

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