Defi

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>DefiLlama was created to help Defi users who are unable to track blockchain projects individually.</a> </li> 
 <li> <span>2</span> <a>It uses a multi-chain TVL dashboard to measure the total value of digital assets staked on the platforms.&nbsp;</a> </li> 
</ul> 
<h2 class="wp-block-heading" id="strong-what-is-defillama-strong"><strong>What is DefiLlama</strong></h2> 
<p>DefiLlama is a platform that analyzes integrated data from different blockchain networks such as Ethereum, Cardano, Terra, and their respective applications (Dapps). Defillama was created to help solve the problem of Defi users being unable to track blockchain projects individually. This is efficient to see how fast Defi chains are growing and which is the largest. DefiLlama is a known TVL aggregator.</p> 
<p>Decentralized finance, as the name implies cuts across different blockchains and each blockchain is a sub-unit of isolated financial protocols and information. Keeping track of all the financial protocols and information in the Decentralized finance (Defi) space is quite challenging, thus the need for Defi data aggregators. Defi aggregators merge different trades and information across the <a href="https://www.thecoinrepublic.com/2023/06/12/how-blockchains-will-facilitate-banks-and-online-payment-apps/" target="_blank" rel="noopener noreferrer nofollow">Defi</a> space into one location hence saving time consumption and increasing efficiency.</p> 
<p>The term TVL connotes Total Value Locked in Decentralized Finance. It entails the total value of assets locked in the smart contracts of a Defi platform. Each blockchain in the Defi space has its own TVL. TVL serves as an indicator for the measurement of the overall performance of Defi and cryptocurrency markets.</p> 
<p>DefiLlama is a unique tool as it aggregates the TVL of almost all the blockchains rather than just one blockchain. DefiLlama is also a track-keeping platform for Defi apps, chains, oracles, forks, and airdrops.</p> 
<h2 class="wp-block-heading" id="strong-how-does-defillama-work-strong"><strong>How does DefiLlama work</strong></h2> 
<p>DefiLlama is a Defi TVL aggregator that is based on an open protocol. It lists Defi projects from different blockchains alongside reliable data from Defi protocols. Data is collected on the DefiLlama platform through the integration of various blockchain endpoints. Data collected by DefiLlama is maintained by a team of professionals and correlated through the DefiLlama Adapters. DefiLlama helps in tracking information on popular blockchains and their associated Defi protocols and Dapps.</p> 
<p>DefiLlama allows users to easily access Defi protocols performances by offering the market capitalization data of these protocols. The performance of these protocols can be rated through comparison to their TVL ratio. It also monitors and records data on the TVL for a wide range of blockchains. DefiLlama involves data collection and aggregation into a single interface, to enable easy and accurate tracking of the overall growth of the Defi ecosystem. It also measures the total amount of liquidity that is available in the Defi space.</p> 
<p>Blockchain oracles form an important part of the DefiLlama, as it allows the connection between data feeds and servers to blockchains using smart contracts. Bitcoin, unlike Ethereum, does not support smart contracts and Defi applications are not built on it, hence it is not cataloged on the DefiLlama platform.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>On March 19, 2023, a tweet by one of DefiLlama’s pseudonymous developers suggested that the platform’s core employers disagreed over the launch of the LLAMA token and this led to the forking of DefiLlama.</p> 
<p>It was also announced later in the year that the platform would launch beta testing for its ChatGPT plugin to enable users to give back their feedback about the platform.</p>

Everything you should know about DefiLlama

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Thecoinrepublic.com

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