When did defi start?

DeFi originated from the Ethereum network in 2015, and subsequently experienced four stages: early development, ecosystem expansion, continued growth and explosion. TVL once exceeded 100 billion US dollars. The market is still fluctuating but continues to innovate and grow.

The Beginning of DeFi

The origins of decentralized finance (DeFi) can be traced back to the Ethereum network at the end of 2015.

2015-2016: Early development

• December 2015: MakerDAO launches the Maker Protocol, allowing users to mint the stablecoin DAI using collateral.
• January 2016: Augur launched as a blockchain-based prediction market.

2017: Expansion of the DeFi ecosystem

• June 2017: Launch of Uniswap, a decentralized cryptocurrency exchange.
• July 2017: Compound launched, offering cryptocurrency lending and borrowing services.
• September 2017: The Bancor protocol is launched, allowing users to trade cryptocurrencies directly without the need for an order book.

2018-2019: Continuing growth and innovation

• January 2018: Launch of Kyber Network, a decentralized protocol that provides instant trading of cryptocurrencies.
• June 2019: Aave launched to provide lending, borrowing and flash loan services.
• September 2019: Yearn.finance launched, an aggregate yield optimization protocol.

2020 to date: The explosion of DeFi

• March 2020: Total value locked (TVL) in DeFi exceeds $1 billion.
• May 2021: DeFi’s TVL reaches an all-time high, exceeding $100 billion.
• 2022 to Present: The DeFi market has experienced volatility but continues to innovate and grow.

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