DeFi Summer

DeFi Summer refers to the summer of 2020 which birthed various high profile protocols as well as the growth of value locked in DeFi which grew over 1,000% from under $1b to over $10b during that period.

Compound and Curve Finance launched their native governance tokens and Yearn was created which propped up the sector thanks to high yields.

This event kickstarted the DeFi explosion which saw the birth of countless protocols and even numerous Layer 1 EVM-compatible chains to compensate for the increasing gas prices in Ethereum.