Defi Summer 2020 event

Event · PageRank 0.0000

Overview

"DeFi Summer" refers to the explosive growth in decentralised finance activity during mid-2020, triggered when Compound Finance began distributing its COMP governance token to lenders and borrowers on June 15-16, 2020. The distribution — 2,880 COMP per day — created the template for liquidity mining, or yield farming, and Compound's total value locked rose from about $100 million to over $1 billion within a week. COMP peaked around $372 on June 21, 2020. Across 2020 as a whole, DeFi total value locked grew from roughly $700 million to about $15 billion.

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Frequently asked questions

What started DeFi Summer?

Compound Finance's launch of the COMP governance token and its liquidity mining programme in mid-June 2020, which distributed 2,880 COMP per day to lenders and borrowers.

How fast did Compound grow?

Compound's total value locked went from around $100 million to over $1 billion within about a week of the COMP distribution starting.

How much did DeFi grow overall in 2020?

Total value locked across DeFi rose from roughly $700 million at the start of 2020 to around $15 billion by year end.