The crypto market has been quite bearish this past month, with Bitcoin (BTC) declining from nearly $10,000 to as low as $6,500. However, decentralized finance (DeFi) platforms are continuing to gain momentum despite the market sentiment.

One way to ascertain the health of the DeFi sector is by measuring the total value locked (TVL) within DeFi platforms, which essentially shows how much economic activity is occurring. The TVL of all assets locked within DeFi platforms in terms of USD has risen from $450 million to $620 million over the past 3 months.

The amount of Ethereum (ETH) locked up within DeFi platforms has also risen fast during the past 3 months, from 2.65 million Ethereum (ETH) to 4.3 million Ethereum (ETH). One theory is that people do not want to sell Ethereum (ETH) at such low prices, so they are instead putting their coins to use via DeFi platforms without actually selling them.

MakerDAO, a platform where users can borrow the Dai stablecoin in exchange for crypto collateral, continues to be the top DeFi platform with a TVL of $311.8 million and 2.1 million Ethereum (ETH) locked up. However, MakerDAO’s dominance percentage in the sector has fallen below 50%, mostly due to the rise of the derivatives protocol Synthetix, which allows users to invest in commodities, fiat currencies, and crypto assets. Synthetix now has a TVL of $148.6 million and approximately 1 million Ethereum (ETH) locked up.

Compound is the 3rd most popular DeFi platform with a TVL of $96 million and 640,000 Ethereum (ETH) locked up, and is similar to MakerDAO in the sense that it facilitates borrowing via putting up crypto collateral. InstaDApp and dYdX are also lending platforms and in 4th and 6th place with TVLs of $34 million and $22 million respectively.

In 5th place is the decentralized exchange (DEX) Uniswap, which has a TVL of $24 million and 159,000 Ethereum (ETH) locked up.

Overall, it seems that the major lending and derivatives based DeFi platforms are resilient to crypto market bearishness, and if they are growing fast now then they will likely continue to grow long term.