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Maker, AAVE, Compound, Curve, Uniswap, Yearn, and Sushiswap to name a few…all household blue-chip names today, but they were either very new or unproven in 2020. In May 2020, Compound’s token launch kicked off DeFi summer, followed by the launch of Yearn Protocol. Near the tail-end was Sushi’s vampire attack on Uniswap and subsequent launch. The total value locked on DeFi platforms exploded from ~$600M to $19B over the year. The pace of innovation within DeFi and expansion of crypto from ideas and concepts to live products with strong traction led to a shift in sentiment in both retail and institutional communities.
I still remember the inflection point, at least in my mind, when we saw companies like Square, Paypal and Tesla begin to talk about Bitcoin and the broader market. The culmination of hard work by the crypto community over the past decade led to a record 2021…with more to come.
Harsharn Singh
Investment Associate | Ember Fund
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