DYdX hits $1 billion DeFi lending protocol milestone in a year

DYdX’s billion-dollar milestone enters the middle of a challenging period for DeFi*, while MakerDAO recently completed a debt auction and dForce suffered a 99.95% loss from Hakers.

Lending protocol dYdX has generated over $1 billion in loans since its launch a year ago. The milestone was driven by consecutive all-time monthly highs in February and March of more than $250 million and $400 million respectively. Nearly 317,000 transactions have been generated on the primexbt exchange platform

The lending platform currently includes the seventh DeFi protocol with $22.7 million in locked assets** according to DeFi Pulse. DYdX accounts for nearly 3% of the total value locked in decentralized finance.

DYdX also notes that its native marketplace has generated over $530 million in volume in seven months of operation.

See more: China Establishes National Committee on Blockchain

DeFi Faces Many Important Tests

Despite dYdX’s $1 billion milestone, the nascent DeFi industry has faced several significant tests in recent weeks.

The value of dYdX assets fell by 30% amid MarkerDAO, the largest DeFi protocol, falling into a debt crisis on March 12.

Despite concerns that the crisis could cause a failure of Maker, the protocol could be salvaged through an inflated Maker supply (MKR).

Just as Maker’s recovery is being touted as proof of DeFi’s resilience, China’s largest DeFi protocol dForce lost 99.95% of cryptocurrencies under management in an attack on… April 19.

The attack allegedly exploited a vulnerability in the ERC-777 token standard and drained the platform by nearly $25 million.

Chicago Companies Launch DeFi Alliance

In light of recent challenges facing the DeFi sector, dYdX co-founded the Chicago DeFi Alliance alongside bitcoin, TD Ameritrade, Cumberland DRW, DV Trading, Arca, CM Digital, VOlt Capital and Compound Finance on April 7.

The alliance will support startups of all stages operating in the field of decentralized finance.

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