# kaal:claim:3606663-025

**Claim.** The DeFi lending market is highly concentrated: MakerDAO alone accounts for almost ninety percent of the total USD value locked in DeFi projects.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- DeFi projects measured by total USD value locked
- period covered by DeFi Pulse data

**Source quote.**

> MakerDAO accounts for almost ninety percent of total USD value locked in DeFi projects.

**From.** Kaal, *Digital Asset Market Evolution* (2020), b) Lending and Borrowing, page 25

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Topics.** defi, economics

**Keywords.** defi, makerdao, concentration, total-value-locked, market-data

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.