The Decentralized Finance (DeFi) space has been on the rise in recent months, with the number of users and projects growing daily. This has led to the birth of protocols dedicated to aggregating data from various DeFi apps in an effort to keep investors informed. One of these platforms is DefiLlama. Keep reading to find out why this protocol is the best choice for getting data related to DeFi.
What is DefiLlama?
DefiLllama is undoubtedly the leading DeFi data aggregator available today. It tracks the total value locked (TVL) for crypto projects like Arbitrum, yield farming, staking pools, and lending protocols. Over the years, DefiLlama has shown why it deserves to be a go-to DeFi data aggregator by providing accurate information at zero charges.
It is important to highlight that DefiLlama is a multichain platform. That means it tracks data across various blockchains.
Launched in 2020, DefiLlama was created after its developers recognized the need for a centralized protocol to provide users with an overview of the Decentralized Finance ecosystem. Pseudonymous developers Oxngmi and OxLlam4 are the brains behind DefiLlama. Notably, the two recently had a dispute that saw the creation of an identical platform, llama.fi. It is said that the developers failed to agree on the plans to launch DefiLlama’s native token. However, the pair have since reconciled and promised that such a dispute won’t happen in the future.
The project’s roadmap highlights various developments to be implemented in the coming months. They include features like alerts and notifications. DefiLlama’s team also looks to integrate the protocol with more blockchains and DeFi projects. The latest updates on the platform include new metrics like transaction fees and decentralized exchanges (DEXes) volumes.
Why is DefiLlama Important?
As mentioned earlier, the DeFi space is growing fast. Data from Dune shows that number of users has increased from about 502,000 in 2018 to over 6 million in 2023. The increased demand has fueled the development of more DeFi protocols. That said, tracking each DeFi project individually can be a difficult task. And that’s where platforms like DefiLlama come in. They monitor and avail vital data of almost all DeFi projects, thus saving you time.
DefiLlama’s New Features
Here are some of the new features of DefiLlama that you may find useful:
Although still in beta, DefiLlama’s Meta-DEX aggregator helps users compare prices on decentralized crypto exchanges such as 1inch and Cowswap. The best part is that you won’t incur any charges for doing so.
This feature tracks all the DeFi projects believed to have upcoming airdrops. DefiLlama allows users to filter projects by blockchain or Total Valued Locked.
DefiLlama added this feature recently to let NFT fans explore top collections from various NFT marketplaces. The aggregator offers details like floor prices, daily price changes, and the total supply of an NFT collection.
What are Some DefiLlama Alternatives?
DefiLlama is not the only DeFi data aggregator in the market. The protocol faces stiff competition from the following rivals:
Etherscan.io: This website provides data related to Ethereum transactions. The information displayed includes transaction amount, wallet addresses and smart contracts.
DappRadar: If you want to track the performance of any decentralized application (DApp), then DappRadar has got you covered. The platform lists Dapps from various sectors, including Web3 gaming, NFT marketplaces, DeFi and many more.
DeFiPulse: The platform is recognized as the TVL’s original innovator. The data displayed here is primarily focused on Ethereum-based DeFi projects. Along with helping you track DeFi projects, DeFiPulse integrates with big-name crypto news outlets to ensure you are updated on what’s happening in the broader crypto market.
CoinMarketCap: This is considered the biggest crypto price-tracking platform. CoinMarketCap displays the prices of almost all cryptocurrencies in real time.
DeFi’s future looks bright. So as this space continues to grow, the demand for more reliable and faster data also escalates. That said, data aggregators like DefiLlama will likely see increased usage in the coming years.
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