Uniswap becomes first DeFi protocol to hit $2 billion in total value locked

Top non-custodial exchange Uniswap has become the first decentralized finance (DeFi) protocol to cross $2 billion in total value locked (TVL).

Uniswap's TVL, or the total value of all assets deposited in the protocol, stands at $2.03 billion at the time of writing, according to tracker DeFi Pulse. Ether (ETH), Tether (USDT), and Wrapped bitcoin (WBTC) are Uniswap's top three tokens by liquidity.

Uniswap's dominance, among other DeFi protocols, is about 18%. The combined TVL of all protocols has hit more than $11 billion as the yield farming trend continues.

Decentralized lending protocol MakerDAO is not too far away to hit $2 billion in TVL. The builder of DAI stablecoin has $1.95 billion in total deposits. Aave follows next with $1.54 billion in TVL.

While TVL has become a buzzword in the DeFi space, it is not an ideal metric to look at the DeFi activity, according to The Block Research. The Block's Open Finance Index, which takes into consideration vertical-specific parameters such as decentralized exchange volumes, provides a better picture.