The cryptocurrency exchange, ChangeNow, has released a review of the explosion of decentralized finance in 2020. Defi, or decentralized finance, has been one of the largest factors pushing the growth of the cryptocurrency space in 2020. It's a new financial system built on Ethereum that created an open-source financial system for anyone around the world. Although there is less accountable as a decentralized entity and there is also a proliferation of Defi scams in the space, traditional bank accounts get minuscule yield on their interest on deposits, and Defi takes away the red tape and fees that banks were implementing and redirects the value back to the users. The value locked in Defi hit $3 billion in July 2020 and is now quickly closing in on $10 billion in total value locked within decentralized finance applications. There is also a lot of BTC locked in Defi applications using wrapped BTC, or locked Bitcoin on the Ethereum network. These and many other factors have to lead to an explosion in Defi that could end up bringing in more attention and value to the space.