More value locked in Uniswap than any other liquidity mining provider

A CoinGecko survey found that 81% of crypto holders have heard of yield farming. Among those participating, 93% report returns exceeding 500%, with most liquidity providers capturing annual percentage yields above 1000%. Investors continue flooding into DeFi despite Ethereum network congestion sending gas fees through the roof and the constant threat of impermanent losses on AMMs.

The DeFi sector contains $8.3 billion in total value locked, down from a peak of $13.2 billion earlier in September but still far larger than the beginning of the year. Liquidity mining pools hold $3.4 billion of that total. Uniswap dominates the market with $1.99 billion locked, controlling 23% of yield farming activity. Traders moved $3.1 billion across the platform over the past seven days, a jump of 13.6% from the previous week.

Users can generate 0.12% daily returns on Uniswap. Curve Finance holds second place with $634 million locked across six pools, including renBTC and Compound. Sushiswap ranks third with $455 million across 17 pools, and yearn.finance sits fourth with $366 million in six liquidity pools. Bakeryswap, a newly launched protocol on Binance Smart Chain, has drawn $9 million in total value locked.

The explosive growth in yield farming and the broader DeFi boom prompted crypto commentators to draw parallels with the ICO craze of 2017.