The entirety of what we call DeFi is worth less than both XRP and Bitcoin Cash alone.

Despite its rerating over the past couple months, DeFi is still extremely small in perspective.

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DeFi’s relative stature becomes even more stark when comparing it to all publicly traded layer 1s outside Bitcoin and Ethereum.

DeFi is worth an order of magnitude less than these projects, which are collectively worth $45.7 billion.

The top 30 cryptoassets outside BTC and ETH is full of useless first-gen cryptocurrencies, ghost town “ETH killers”, and dead projects.

This doesn’t even include the vaporware yet to launch projects that raised large sums of money at ridiculous valuations in 2017.

Even Dogecoin, a literal meme coin, is worth more than nearly every asset in DeFi.

When you zoom out as far as you can go, DeFi makes up only 1.5% of the entire crypto market.

If this chart was drawn to scale, DeFi would be even smaller than it appears here.

So far, the market has yet to credit crypto's capital assets like they have crypto's non-sovereign stores of value.

It's an imperfect analogy, but the relative sizes of capital assets to non-sovereign SoVs in the fiat economy suggests this imbalance may correct over time.

DeFi doesn’t need new money flowing into crypto to continue its rise.

All it needs is a reallocation of capital. https://messari.io/article/defi-s-rerating-in-perspective