DeFi which has grown 75 times in one year, expands to the top of Korea with Delio

Expansion of DeFi related services such as exchanges

Delio, the number one company in Korea, deposits $1.5 billion

According to a report recently released by the Korea Capital Markets Institute (KCMI), DeFi (decentralized finance) services have grown 75 times in one year. In Korea, it is emerging as a killer content in the blockchain industry along with NFT, led by Delio.

DeFi refers to financial services based on digital assets (virtual assets and cryptocurrencies) provided through a blockchain. It supports financial services such as deposits through smart contract functions without central institutions such as exchanges or banks.

The Capital Markets Institute explained DeFi service. “Recently, the size of the market is rapidly expanding and rapidly rising,” They said. “The growth of the DeFi market is due to the expansion of the use of virtual assets and the granting of legal status to global regulators and governments.”

In fact, over the past year, DeFi deposits have risen about 75 times. According to DeFipulse, the deposit for the DeFi service in March last year was around $560 million, but in March this year, it surged to $41.8 billion. The number of net active wallets more than doubled from 20,000 in August last year to 42,000 in March this year.

By service type, lending (47%) accounted for the most. Decentralized exchange service (36%) came second. In fact, the two services accounted for the most.

In Korea, the DeFi market is growing, led by Delio and others. Delio, the largest company in Korea, had a deposit amount of $ 1.5 Billion as of March this year. It is providing digital asset staking services in partnership with an exchange Bithumb.

The Korea Capital Market Research Institute analyzed that “the number of users has steadily increased as the price of virtual assets in 2017 went through a surge and the subsequent plunge.”

In recent years, as institutional investors and global companies continue to buy virtual assets, investor interest has grown even more.”

Article from NewsWay Joo Dong-il

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