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Home » Cryptocurrency

History of DeFi: From MakerDAO to the $178 Billion Peak

Last Updated: April 28, 2026
Barry Elad
Founder & Senior Journalist • 595 Articles
Barry Elad is a finance and tech journalist who loves breaking down complex ideas into simple, practical insights. Whether he's exploring fi... See full bio
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History of DeFi
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On June 15, 2020, lending protocol Compound distributed its governance token COMP to users, and decentralized finance changed overnight. Within a week, the total value locked in Compound quadrupled. Within three months, DeFi’s TVL grew from under $1 billion to over $10 billion. By November 2021, that number reached $178 billion. The history of DeFi stretches back further than that summer, though, from MakerDAO’s first collateralized loan in 2017 to the post-collapse rebuilding that followed the 2022 crash. This is the complete timeline.

Key Takeaways

  • MakerDAO launched on the Ethereum mainnet in December 2017, creating the first decentralized lending protocol and the DAI stablecoin
  • Uniswap pioneered the automated market maker (AMM) model in November 2018, replacing traditional order books
  • Compound’s COMP token launch on June 15, 2020, triggered “DeFi Summer” and the yield farming phenomenon
  • DeFi TVL grew from $1 billion (early 2020) to $178 billion (November 2021), a 178x increase
  • The Terra/LUNA collapse in May 2022 erased $40+ billion from DeFi protocols and triggered cascading failures
  • DeFi hackers stole over $3 billion in 2022 alone, exposing systemic bridge and smart contract vulnerabilities
  • Post-collapse DeFi has shifted from yield-driven speculation to sustainable models, including real-world asset tokenization

The Foundations (2017 to 2019)

DeFi’s building blocks were laid before the term existed. The concept of decentralized financial services on blockchain dates back to Ethereum’s 2015 launch, but the first functional protocols arrived in 2017.

DateProtocolInnovationWhy It Mattered
Dec 2017MakerDAOCollateralized lending; DAI stablecoinFirst decentralized loan system
Nov 2018Uniswap V1Automated market maker (AMM)Solved DEX liquidity problem without order books
Sep 2018Compound V1Algorithmic money marketsAutomated interest rate setting based on supply/demand
Jan 2020AaveFlash loans; variable/stable rate switchingEnabled uncollateralized instant borrowing
Jan 2020Curve FinanceStablecoin-optimized AMMLow-slippage swaps between similar assets

Sources: Protocol Documentation, DefiLlama

MakerDAO and the Birth of Decentralized Lending

MakerDAO’s December 2017 mainnet launch was the defining moment. The system used Collateralized Debt Positions (CDPs), smart contracts where users deposited ETH and minted DAI, a dollar-pegged stablecoin, against it. The critical requirement was a minimum 150% collateralization ratio, meaning a user needed to lock at least $150 worth of ETH to mint 100 DAI.

If the collateral value dropped below 150%, anyone could trigger a liquidation auction that sold the ETH to cover the debt. This mechanism, entirely code-enforced, proved that lending could operate without banks, credit scores, or human intermediaries. The MKR governance token gave holders voting power over risk parameters like stability fees and collateral types.

Single-collateral DAI (backed only by ETH) launched first. Multi-collateral DAI followed in November 2019, accepting assets like BAT and USDC as additional collateral types. By early 2020, MakerDAO held over $500 million in locked collateral, making it the largest DeFi protocol at the time.

Uniswap V1 and the AMM Revolution

Uniswap’s November 2018 launch solved a different problem. Previous decentralized exchanges used order books and struggled with low liquidity because they needed active market makers willing to place bids and asks. Hayden Adams, Uniswap’s creator, implemented the constant product formula (x * y = k), where x and y represent the quantities of two tokens in a pool, and k is their constant product.

When a trader swaps token A for token B, they add A to the pool and remove B. The formula automatically adjusts the price based on the ratio change. Larger trades relative to pool size cause more price impact (slippage). This meant anyone could become a liquidity provider by depositing equal values of two tokens into a pool and earning 0.3% of every trade as fees. No sign-up, no approval, no minimum deposit. The AMM model became the foundation for nearly every DEX that followed.

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Compound’s Algorithmic Interest Rates

Compound launched its V1 protocol in September 2018 with a fundamentally different approach to interest rates. Instead of fixed rates set by governance votes, Compound used utilization-based algorithms. When a lending pool’s utilization rate was low (few borrowers relative to deposited supply), interest rates stayed low to encourage borrowing. As utilization climbed toward 100%, rates increased sharply to attract more depositors and discourage excessive borrowing.

This created a self-balancing money market. Depositors earned variable yields that adjusted every Ethereum block (roughly every 12 seconds). Borrowers paid floating rates tied to real-time supply and demand. No loan officer decides rates. No committee met quarterly to adjust them. The algorithm handled everything.

Aave and Flash Loan Innovation

Aave (rebranded from ETHLend) launched in January 2020 with one feature that had no traditional finance equivalent: flash loans. A flash loan lets a user borrow any amount of tokens with zero collateral, as long as they repay the full amount within the same transaction. If the borrower fails to repay, the entire transaction reverts as if it never happened.

This sounds abstract, but flash loans enabled powerful arbitrage strategies. A trader could borrow $10 million in USDC, use it to exploit a price difference between two DEXs, repay the loan plus a 0.09% fee, and pocket the profit, all in a single atomic transaction. Flash loans also became tools for governance attacks and, unfortunately, for exploiting vulnerable protocols. Aave processed over $5 billion in flash loan volume during its first year.

DeFi Summer (June to September 2020)

On June 15, 2020, Compound launched its COMP governance token through a liquidity mining program. Users who lent or borrowed on the platform received COMP tokens as rewards. The COMP token surged to over $372 at its June 21 peak, and the economic incentives created a frenzy.

The concept was simple but powerful: protocols could bootstrap liquidity by distributing governance tokens to users. Within weeks, dozens of protocols launched their own yield farming programs:

  • Balancer launched BAL mining (June 2020)
  • Curve Finance launched CRV mining (August 2020)
  • SushiSwap forked Uniswap with SUSHI rewards (August 2020), triggering the “vampire attack” strategy
  • Yearn Finance launched YFI with a “fair distribution” (no pre-mine, no VC allocation) in July 2020
  • Uniswap responded by retroactively airdropping 400 UNI tokens to every past user (September 2020)
DeFi Summer liquidity flows

The Vampire Attack and Fair Launch Era

SushiSwap’s “vampire attack” on Uniswap became one of DeFi Summer’s defining episodes. Chef Nomi, an anonymous developer, forked Uniswap’s open-source code and added a twist: liquidity providers who staked their Uniswap LP tokens on SushiSwap earned SUSHI rewards. After a migration deadline, those LP tokens would be redeemed, and the underlying liquidity would be moved from Uniswap to SushiSwap. Over $1.14 billion in liquidity migrated in the first week. The strategy proved that in open-source DeFi, protocol loyalty was only as strong as the incentives backing it.

Yearn Finance’s YFI token launched with what became known as the “fairest launch in DeFi.” Creator Andre Cronje minted a fixed supply of 30,000 YFI tokens with no pre-mine, no team allocation, and no venture capital involvement. Every token was distributed to liquidity providers over one week. YFI launched at roughly $3 and reached over $43,000 within two months, a return that exemplified the mania of the period.

Uniswap’s UNI airdrop on September 17, 2020, became the largest retroactive reward in DeFi history. Every wallet that had ever used Uniswap (even a single swap) received 400 UNI tokens. At the listing price, that was worth roughly $1,200 per wallet. Over 250,000 addresses qualified. The airdrop was widely seen as Uniswap’s defensive response to SushiSwap’s vampire attack and set a precedent that other protocols would imitate for years.

Unsustainable Yields and the Warning Signs

Yield farming APYs during DeFi Summer regularly exceeded 1,000% and in some cases topped 10,000% for newly launched pools. These numbers were real in a narrow mathematical sense: the tokens being distributed did trade at those prices, temporarily. But the yields depended on a continuous inflow of new capital and rising token prices. When the music stopped and token prices fell, those headline APYs evaporated.

Stablecoin lending on Compound paid 50-100% APY when factoring in COMP rewards, compared to 0.5% at a bank savings account. Sophisticated “yield farmers” developed multi-step strategies: deposit stablecoins on Compound, borrow against them, deposit the borrowed tokens on another protocol, and stack rewards from each layer. This recursive leverage amplified both gains and risks. Some farmers moved millions between protocols daily, chasing the highest-yielding pools before rewards diluted as more capital entered.

DeFi TVL grew from approximately $1 billion in May 2020 to $15 billion by the end of September 2020. Ethereum gas fees spiked to over $50 per transaction during peak demand, pricing out smaller users and concentrating farming profits among large “whale” wallets.

The Bull Market Peak (2021)

DeFi’s 2021 growth was driven by three factors: rising crypto prices (which inflated collateral values), Layer 2 expansion (which reduced gas costs), and new protocol categories.

CategoryKey ProtocolsPeak TVL (2021)Innovation
LendingAave, Compound, MakerDAO~$50 billionOver-collateralized borrowing; flash loans
DEX/AMMUniswap, Curve, SushiSwap~$30 billionConcentrated liquidity (Uniswap V3)
Yield AggregatorsYearn, Convex, Beefy~$20 billionAuto-compounding; vote-locked strategies
DerivativesdYdX, Synthetix, Perpetual Protocol~$5 billionOn-chain perpetual futures; synthetic assets
InsuranceNexus Mutual, InsurAce~$1 billionSmart contract cover; protocol risk pools

Source: DefiLlama

Uniswap V3 and Concentrated Liquidity

Uniswap V3 launched in May 2021 with concentrated liquidity, a fundamental redesign of how AMMs work. Instead of spreading capital evenly across all possible prices (from zero to infinity), V3 lets liquidity providers choose specific price ranges where their capital would be active. A USDC/ETH LP could concentrate its funds between $2,000 and $4,000, earning fees only when ETH traded within that range but earning proportionally far more per dollar deployed.

This improved capital efficiency by up to 4,000x compared to V2 for certain pairs. The tradeoff was complexity: LPs now needed to actively manage their positions, rebalancing as prices moved outside their chosen ranges. Professional market makers thrived under this model, while passive LPs often earned less than they would have on V2. The DeFi market statistics we track show Uniswap consistently processing more daily volume than many centralized exchanges.

The Curve Wars

One of 2021’s most consequential DeFi battles had nothing to do with price speculation. The “Curve Wars” were a governance fight over Curve Finance’s CRV token emissions. Curve directed CRV rewards to different liquidity pools based on weekly governance votes, and protocols with stablecoin products desperately wanted those rewards directed to their pools to attract liquidity.

Convex Finance emerged as the dominant player by aggregating CRV deposits. Users locked their CRV on Convex in exchange for cvxCRV, and Convex used the accumulated voting power to direct emissions. At its peak, Convex controlled over 50% of all vote-locked CRV. Protocols like Frax, Abracadabra, and Terra spent millions acquiring CVX tokens just to influence where Curve’s liquidity incentives flowed. The Curve Wars demonstrated that in DeFi, controlling governance tokens was as valuable as controlling liquidity itself.

Cross-Chain DeFi Expansion

Ethereum’s high gas fees (regularly $50-200 per swap during peak 2021 demand) pushed DeFi onto alternative Layer 1 chains. Binance Smart Chain (BSC) attracted users with sub-dollar fees and PancakeSwap, a Uniswap fork that became the most-used DEX by transaction count. Avalanche launched its “Avalanche Rush” liquidity incentive program with $180 million in rewards, pulling DeFi protocols like Aave and Curve to deploy on its network.

Solana built its own DeFi ecosystem around Raydium and Serum, an on-chain order book that combined AMM liquidity with traditional limit orders. By late 2021, Ethereum’s share of total DeFi TVL had dropped from 97% to roughly 62%, with BSC, Terra, Avalanche, and Solana capturing the rest. This expansion also created the bridge infrastructure that would later become DeFi’s biggest attack surface.

Total DeFi TVL peaked at approximately $178 billion in November 2021, coinciding with Bitcoin’s all-time high of $69,000.

The DeFi Hack Era

As DeFi’s total value locked grew into the tens of billions, it became an increasingly attractive target for hackers. Cross-chain bridges, which held large pools of locked assets to facilitate transfers between blockchains, proved especially vulnerable. The years 2021 and 2022 saw the largest thefts in DeFi history, with several exploits exceeding $300 million each.

Cyberattack on digital crypto bridge
DateProtocolAmount StolenAttack TypeOutcome
Aug 2021Poly Network$611 millionSmart contract exploit (cross-chain message verification)Hacker returned all funds within 2 weeks
Feb 2022Wormhole$320 millionSignature verification bypass on Solana bridgeJump Crypto (Wormhole backer) replaced the funds
Mar 2022Ronin Bridge$625 millionCompromised 5 of 9 validator private keysAttributed to North Korea’s Lazarus Group; funds partially recovered
Apr 2022Beanstalk$182 millionFlash loan governance attackAttributed to the Lazarus Group, the bridge permanently shut down
Jun 2022Harmony Horizon$100 millionCompromised 2 of 5 multisig keysAttributed to the Lazarus Group, the bridge was permanently shut down

Sources: Chainalysis, Rekt News, Protocol Post-Mortems

The Poly Network hack in August 2021 was, at the time, the largest DeFi exploit ever. The attacker exploited a flaw in how Poly Network verified cross-chain messages, draining $611 million across Ethereum, BSC, and Polygon. In an unusual twist, the hacker (dubbed “Mr. White Hat”) claimed the attack was meant to highlight the vulnerability and returned all funds over the following two weeks. Poly Network controversially offered the hacker a $500,000 bug bounty and a job as chief security advisor.

The Ronin Bridge hack in March 2022 surpassed Poly Network’s record. Ronin was the bridge connecting Axie Infinity (a play-to-earn game with millions of users) to Ethereum. The attacker compromised 5 of 9 validator nodes that secured the bridge, including four run by Sky Mavis (Axie’s developer) and one by Axie DAO. The exploit went undetected for six days before a user tried to withdraw and found the bridge drained. The FBI attributed the attack to North Korea’s Lazarus Group, which used the stolen funds to finance state operations.

The Wormhole exploit in February 2022 targeted the bridge connecting Solana to Ethereum. The attacker bypassed Wormhole’s signature verification system on Solana, minting 120,000 wrapped ETH (worth $320 million) without actually depositing any collateral on the Ethereum side. Jump Crypto, the trading firm that backed Wormhole, replaced the entire $320 million from its own funds to maintain the bridge’s solvency.

These hacks exposed a structural weakness in DeFi’s multi-chain architecture. Bridges concentrated enormous value in smart contracts that often relied on small validator sets or single points of failure. According to Chainalysis, cross-chain bridge hacks accounted for 69% of all crypto funds stolen in 2022.

The Collapse and Contagion (2022)

The Terra/LUNA collapse in May 2022 devastated DeFi. Anchor Protocol, which held over $17 billion in deposits offering ~20% APY on UST, became ground zero. The yield was funded partly by borrower interest and partly by subsidies from Terra’s reserves, a structure that critics had warned was unsustainable for over a year.

When large withdrawals from Anchor began on May 7, 2022, UST started losing its dollar peg. Terra’s algorithmic stabilization mechanism (burning LUNA to mint UST and vice versa) entered a death spiral: as UST fell below $1, arbitrageurs minted new LUNA, crashing its price, which further undermined confidence in UST. Within five days, LUNA dropped from $80 to fractions of a cent, and UST settled near $0.10, erasing over $40 billion in combined value. The ripple effects cascaded through the entire DeFi ecosystem.

Three Arrows Capital (3AC), a crypto hedge fund heavily exposed to LUNA and leveraged DeFi positions, defaulted on loans totaling approximately $3 billion. Its collapse pulled down Celsius (which froze $4.7 billion in user deposits in June 2022), Voyager Digital, and BlockFi.

DeFi TVL dropped from $178 billion to under $40 billion by the end of 2022. The decline reflected both falling asset prices and genuine capital flight from protocols.

The Rebuilding Era (2023 to Present)

Post-collapse DeFi has shifted focus from yield-driven speculation to sustainable models built on real economic value rather than circular token incentives.

Real-World Asset Tokenization

The most significant shift in post-crash DeFi has been the integration of traditional financial assets. MakerDAO led this transition by allocating over $1 billion of its treasury reserves into US Treasury bonds through partnerships with entities like Monetalis and BlockTower Capital. By mid-2023, real-world assets had become MakerDAO’s single largest revenue source, generating more income than crypto-native lending.

BlackRock launched its BUIDL fund (BlackRock USD Institutional Digital Liquidity Fund) on Ethereum in March 2024, a tokenized money market fund investing in US Treasury bills. BUIDL attracted over $500 million in deposits within months, making it the largest tokenized Treasury product. The fund issues ERC-20 tokens representing shares, letting DeFi protocols integrate Treasury yield directly into their products. Franklin Templeton’s BENJI fund and Ondo Finance’s USDY followed similar models.

Total RWA value on-chain (excluding stablecoins) grew from under $1 billion in early 2023 to over $12 billion by early 2026, according to DefiLlama’s RWA dashboard. This category includes tokenized Treasuries, private credit, real estate, and commodities.

Liquid Staking and the Rise of Lido

After Ethereum’s September 2022 transition to proof-of-stake (“The Merge”), liquid staking protocols became DeFi’s largest category by TVL. Lido allows users to stake any amount of ETH (Ethereum’s native staking requires a 32 ETH minimum, worth over $60,000 at 2024 prices) and receive stETH, a liquid token representing their staked position plus accumulated rewards.

stETH can be used as collateral on Aave, traded on Curve, or deposited into other DeFi protocols, meaning stakers earn the base Ethereum staking yield (roughly 3-4% APR) while simultaneously using their capital in DeFi. This composability turned stETH into one of DeFi’s most important building blocks, with billions in stETH circulating through lending markets and liquidity pools across multiple chains.

By 2024, Lido had become the single largest DeFi protocol with over $30 billion in TVL, holding roughly 29% of all staked ETH. This concentration raised decentralization concerns, since a single liquid staking provider controlling nearly a third of staked ETH could theoretically influence Ethereum’s consensus layer. Lido’s governance responded by implementing measures to limit its market share, and competitors like Rocket Pool (which uses a permissionless node operator model requiring just 8 ETH per minipool) gained traction as decentralized alternatives.

EigenLayer and the Restaking Model

EigenLayer, launched on Ethereum mainnet in June 2023, introduced “restaking,” a model where already-staked ETH (or liquid staking tokens like stETH) can be used to secure additional protocols and services simultaneously. Instead of each new protocol bootstrapping its own validator set from scratch, EigenLayer lets these protocols (called Actively Validated Services, or AVSs) rent security from Ethereum’s existing staker base.

Restakers earn additional yield on top of their base Ethereum staking rewards, but accept additional slashing risk if the AVS they secure behaves maliciously or goes offline. EigenLayer’s TVL exceeded $15 billion at its 2024 peak, making it one of the fastest-growing DeFi protocols in history. The EIGEN token launched in late 2024, creating a governance and slashing layer for the restaking ecosystem.

Critics argue restaking creates hidden leverage, where the same capital backs multiple systems simultaneously. If a major AVS suffers a slashing event, restakers could lose a portion of their staked ETH, potentially triggering forced selling and cascading liquidations similar to 2022’s contagion events. Proponents counter that the additional yield compensates for this risk and that EigenLayer’s slashing conditions are narrowly defined to prevent systemic failures.

Layer 2 DeFi Growth

DeFi activity has increasingly migrated to Ethereum Layer 2 rollups, which batch transactions off-chain and post compressed proofs back to the Ethereum mainnet. Arbitrum became the leading L2 for DeFi with over $10 billion in TVL by mid-2024, hosting native protocols like GMX (perpetual futures) and Radiant Capital (cross-chain lending) alongside L1 stalwarts like Aave and Uniswap.

Base, the L2 built by Coinbase, grew from zero to over $7 billion in TVL during 2024 by attracting retail users through its association with a regulated exchange and sub-cent transaction fees. Aerodrome, a Velodrome fork on Base, became one of the highest-volume DEXs across all chains. Optimism’s Superchain vision aims to connect multiple L2s into an interoperable network, while zero-knowledge rollups like zkSync and Starknet offer different technical tradeoffs for DeFi applications.

By early 2026, DeFi TVL has recovered to approximately $120 billion, though the composition looks different from 2021. Yield sources are increasingly tied to real economic activity rather than circular token incentives. L2s process the majority of DeFi transactions by count, while the Ethereum mainnet retains the largest share of value secured.

Frequently Asked Questions (FAQs)

What is DeFi?

DeFi (decentralized finance) refers to financial services built on blockchain smart contracts that operate without traditional intermediaries like banks. Core DeFi services include lending, borrowing, trading, and insurance, all executed through automated protocols.

When did DeFi start?

MakerDAO’s December 2017 mainnet launch is generally considered the birth of modern DeFi. The term ‘DeFi’ was coined in a Telegram group chat in August 2018 by Ethereum developers including Blake Henderson and Inje Yeo.

What was DeFi Summer?

DeFi Summer refers to the period from June to September 2020, when yield farming exploded after Compound launched its COMP token. DeFi TVL grew from $1 billion to $15 billion in three months as protocols competed by distributing governance tokens to users.

What is the total value locked in DeFi?

DeFi TVL peaked at approximately $178 billion in November 2021, crashed below $40 billion by the end of 2022, and has recovered to roughly $120 billion by early 2026. TVL measures the total assets deposited in DeFi smart contracts.

What are the main risks of DeFi?

Smart contract vulnerabilities (code bugs), impermanent loss for liquidity providers, oracle manipulation, governance attacks, and regulatory uncertainty are the primary risks. DeFi protocols lost over $3 billion to hacks and exploits in 2022 alone.

Conclusion

DeFi’s history compresses an entire financial system’s evolution into less than a decade. MakerDAO proved that decentralized lending was possible. Uniswap proved decentralized trading could work. DeFi Summer proved that token incentives could bootstrap liquidity at unprecedented speed. The 2022 collapse proved that unsustainable yields always unwind. And the hack era forced the entire ecosystem to treat security as a prerequisite, not an afterthought.

The rebuilding phase has produced something more durable than the 2021 peak. Real-world assets bring external yield into DeFi. Liquid staking and restaking create capital-efficient security models. Layer 2 networks make DeFi accessible at costs that rival traditional payment rails. Our 80+ statistics pages tell a consistent story that price charts do not: adoption metrics, measured in unique wallets, protocol interactions, and developer commits, continued growing through every bear market. Whether DeFi absorbs traditional financial services or operates as a parallel system alongside them remains the defining question for the next five years.

Definition of Blockchain. Link to full glossary entry follows the description.Blockchain

A distributed digital ledger that records transactions across a network, with each block cryptographically linked to the previous one for security.

Read more

Definition of Smart Contract. Link to full glossary entry follows the description.Smart Contract

A smart contract is a self-executing program stored on a blockchain that automatically enforces agreement terms when predefined conditions are met, without intermediaries.

Read more

Definition of Staking. Link to full glossary entry follows the description.Staking

Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining.

Read more

Definition of DeFi. Link to full glossary entry follows the description.DeFi

Decentralized finance leverages blockchain protocols and smart contracts to enable lending, trading, and borrowing without banks or traditional intermediaries.

Read more

Definition of Layer 1. Link to full glossary entry follows the description.Layer 1

A Layer 1 is the base blockchain layer that settles its own transactions, enforces its own consensus, and secures its own ledger. Bitcoin, Ethereum, Solana.

Read more

Definition of Cross-Chain. Link to full glossary entry follows the description.Cross-Chain

Cross-chain is the ability to move data or assets between separate blockchains via bridges, messaging protocols, or interoperability networks.

Read more

Definition of Layer 2. Link to full glossary entry follows the description.Layer 2

A Layer 2 is a secondary blockchain built on top of Ethereum that bundles transactions off-chain and posts compressed data back to the main chain, cutting fees and raising throughput.

Read more

Definition of Airdrop. Link to full glossary entry follows the description.Airdrop

An airdrop is a distribution of cryptocurrency tokens to wallet addresses to reward users, bootstrap a community, or decentralize protocol governance.

Read more

Definition of Gas Fee. Link to full glossary entry follows the description.Gas Fee

A gas fee is the transaction cost paid to Ethereum validators for the computational effort needed to process and confirm blockchain operations.

Read more

Definition of Stablecoin. Link to full glossary entry follows the description.Stablecoin

A stablecoin is a cryptocurrency tied to a reserve asset like the US dollar, designed to maintain a stable value for trading, payments, and transfers.

Read more

Definition of ERC-20. Link to full glossary entry follows the description.ERC-20

An Ethereum technical standard defining a common interface for fungible tokens, specifying six core methods and two events so wallets, exchanges, and contracts can interact with any token uniformly.

Read more

This article has been reviewed and fact-checked by Steven Burnett. CoinLaw follows strict Publishing Principles and a documented Fact-Check Policy to ensure accuracy, transparency, and editorial independence across all content.

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References

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Barry Elad

Barry Elad

Founder & Senior Journalist


Barry Elad is a finance and tech journalist who loves breaking down complex ideas into simple, practical insights. Whether he's exploring fintech trends or reviewing the latest apps, his goal is to make innovation easy to understand. Outside the digital world, you'll find Barry cooking up healthy recipes, practicing yoga, meditating, or enjoying the outdoors with his child.

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Table of Contents

  • Key Takeaways
  • The Foundations (2017 to 2019)
  • DeFi Summer (June to September 2020)
  • The Bull Market Peak (2021)
  • The DeFi Hack Era
  • The Collapse and Contagion (2022)
  • The Rebuilding Era (2023 to Present)
  • Frequently Asked Questions (FAQs)
  • Conclusion

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Cryptocurrency
Crypto Regulation by Country 2026: Legal Status, Tax and Licensing
Crypto Regulation by Country Statistics 2026: Legal Status, Tax and Licensing
Biggest Crypto Hacks Statistics Ranked by Value Stolen
Biggest Crypto Hacks Statistics 2026: Ranked by Value Stolen
Perpetual Futures Statistics Volume Funding and Leverage
Perpetual Futures Statistics 2026: Volume, Funding and Leverage
Bitcoin Treasury Companies Statistics Holdings and Cost Basis
Bitcoin Treasury Companies Statistics 2026: Holdings and Cost Basis
Prediction Market Statistics Kalshi vs Polymarket Volume
Prediction Market Statistics 2026: Kalshi vs Polymarket Volume
AI Trading Bot Statistics
AI Trading Bot Statistics 2026: Market, Platforms and MEV Data
Payments
Remittances By Country Statistics
Remittances by Country Statistics 2026: Inflows and Cost
Cash App vs Zelle Statistics
Cash App vs Zelle Statistics 2026: Speed, Limits and User Data
Venmo vs. PayPal Statistics
Venmo vs PayPal Statistics 2026: Users, Fees and Volume
Toast Statistics 2026: ARR, GPV, Take Rate and Revenue
Toast Statistics 2026: ARR, GPV, Take Rate and Revenue
Rapyd Statistics 2026: Valuation, Revenue and PayU Deal
Rapyd Statistics 2026: Valuation, Revenue and PayU Deal
Marqeta Statistics
Marqeta Statistics 2026: TPV, Revenue and Customer Mix
Investments
Crypto ETF Statistics Net Assets Fees and Flows by Issuer
Crypto ETF Statistics 2026: Net Assets, Fees and Flows by Issuer
Largest Investment Banks Statistics
Largest Investment Banks Statistics 2026: Revenue, League Tables and Headcount
Public vs Robinhood Statistics
Public vs Robinhood Statistics 2026: Users, Assets, and Fees Compared
Robinhood vs Acorns Statistics
Robinhood vs Acorns Statistics 2026: Users, AUM and Fees
Robinhood vs Fidelity Statistics
Robinhood vs Fidelity Statistics 2026: Accounts, AUM, and Fees Compared
Robinhood vs Schwab Statistics
Robinhood vs Schwab Statistics 2026: Users, Assets, Pricing
Banking
Global Systemically Important Banks Statistics
Global Systemically Important Banks Statistics 2026: Bucket Allocation and Capital Surcharges
Bank Failures Statistics
Bank Failures Statistics 2026: FDIC Data, DIF Costs, and Recent Trends
The 15 Largest Banks in the US
The 15 Largest Banks in the US in 2026: By Assets, Deposits, and Branches
N26 Statistics
N26 Statistics 2026: Customers, Deposits, Revenue and the BaFin Growth Cap
Revolut vs Monzo Statistics
Revolut vs Monzo Statistics 2026: Customers & Profit
Islamic Banking Statistics Assets Growth and Top Markets
Islamic Banking Statistics 2026: Assets, Growth, and Top Markets
Finance
Federal Tax Revenue By State Statistics
Federal Tax Revenue by State Statistics 2026: IRS Gross Collections, Top 10 States, Donor vs Recipient
Tariff Revenue Statistics
Tariff Revenue Statistics 2026: Customs Duties and IEEPA Refunds
Emergency Fund Statistics
Emergency Fund Statistics 2026: How Much Americans Have Saved (and How Much They Should)
Financial Advisor Statistics
Financial Advisor Statistics 2026: Headcount, AUM, and Demographics
Wealth Inequality Statistics
Wealth Inequality Statistics 2026: Hidden Wealth Divide
Blockchain In Supply Chain Finance Statistics
Blockchain in Supply Chain Finance Statistics 2026: Trade Breakthrough
Categories
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Cryptocurrency
Ledger 86m Usd Wallet Hack Reported
Ledger Users Drained of Over $86M in Suspected Exploit
Blockchain And Cftc Application
Blockchain.com Seeks CFTC Nod for Crypto Derivatives Platform
Securitize Tokenized Stocks On Solana
Securitize Unlocks Tokenized Stock Trading on Solana
Samsung Wallet Usdc Payment Support
Samsung Launches USDC Remittances on 82M Galaxy Phones
Ledger Morpho Crypto Btc Loans
Ledger Launches Crypto Loans Through Morpho for Bitcoin Holders
Winklevoss Bros Zcash Etf S 1 Filing
Winklevoss Files S-1 for Zcash ETF at 0.25% Annual Fee
Fintech
Bybit Ceo Ben Zhou Keynote October 13
Bybit CEO Ben Zhou Sets Global Livestream Keynote
Pharos Network Realfi Ai Agent Native Upgrade
Pharos Expands RealFi With Powerful AI Agent Upgrade
Soneium Dayonedream Unveil K Pop Ip Tokenization Deal
Soneium, DayOneDream Unveil K-Pop IP Tokenization Deal
Binanec 100m Circle Stock Purchase
Binance Takes $100M Circle Stake in Strategic USDC Move
World Launches Provekit For Zk Proofs
World Launches ProveKit for On-Device Zero-Knowledge Proofs
Kraken Lseg Tokenized Stocks Deal
LSEG and Kraken Forge Major Deal for Tokenized Shares
Payments
Polygon Tron Usdt Support
Polygon Open Money Stack Adds TRON USDT Support
Circle Foundation Backs UNDP WFP Stablecoin Aid Payments
Circle Foundation Backs UNDP, WFP Stablecoin Aid Payments
Bybit Openpayd Unified Fiat Payments
Bybit’s OpenPayd Deal Brings Fiat Payments Under One Roof
Ecb Launches Pontes Digital Euro
ECB Launches Pontes, Its Wholesale Digital Euro Platform
Moneygram Launches Stablecoin Backed Visa Card In Colombia
MoneyGram Launches Stablecoin-Backed Visa Card in Colombia
Openpayd Sage Capital Partnership
Sage Capital Taps OpenPayd for USD, EUR and GBP Rails
Compliance
Celsius Alex Mashinsky Crypto Ban New York
Alex Mashinsky Hit With Lifetime Ban in New York Celsius Deal
Uk Sanctions Crypto Payments To Russia
UK Blacklists 5 Crypto Platforms in Bold Russia Sanctions
New York Sues Polymarket Calls Prediction Markets Illegal Gambling
New York Sues Polymarket, Calls Prediction Markets Illegal Gambling
Ecb Central Banks Drop Stablecoin Deposits Rule Featured 1
ECB Pushes to Drop Mandatory Stablecoin Deposit Rule
Avalanche L1 Uaepass Blockchain Id
Avalanche Powers UAE Identity Vault for 12.5M People
Fca Review Uk Predictions Market
UK Prediction Markets Gain Hope as FCA Reviews Ban
Investments
Okx Investment Ripple Circle Standard Chartered
OKX Raises Strategic Capital at $25 Billion Valuation
Payward And Bny Partnership Crypto Custody
Payward and BNY Explore Strategic Crypto Tie-Up
Strategy Locks Strc Dividend Rate At 12 For October
Strategy Locks STRC Dividend Rate at 12% for October
Cboe S P 500 Options Spx
Cboe and S&P DJI Extend SPX Options Exclusivity to 2051
Ondo Finance Blackrock Tokenized Stock
Ondo Brings BlackRock Portfolios On-Chain in Major Move
Kalshi Eyes 60 Stock Perps
Kalshi Eyes 60 Stock Perps as Leverage Debate Heats Up
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