The value of the tokens underpinning decentralized finance, or DeFi, protocols has again surpassed $1 billion.

The milestone comes amid a spike in the proliferation of DeFi projects, with data aggregator DeFiMarketCap estimating 246 projects to be active.

The combined capitalization had crashed below $1 billion amid the March crypto crash that sparked a liquidity crisis for top DeFi project, MakerDAO (MKR).

DeFi token capitalization reclaims $1 billion

According to DeFiMarketCap, the three-largest tokens represent over half of the combined DeFi capitalization — with Maker representing 28%, 0x (ZRX) comprising 16%, and Synthetix Network Token (SNX) totaling 11% of the DeFi market cap.

The tokens show heavy correlation, with only four of the top 100 protocols producing price fluctuations exceeding 5% over the past 24 hours. The current combined capitalization of DeFi tokens is $1.05 billion.

Token value exceeds assets under management by 30%

Defi Pulse estimates that $703.3 million in assets are currently locked up in DeFi protocols — with MakerDao representing 49%.

The value of the combined funds locked up in DeFi protocols exceeded $1 billion in February as MakerDao’s asset capitalization broke into new highs above $500 million. However, after posting its current all-time high of $750 million on Feb. 15, Maker’s capitalization began to retract.

The mid-March crash would accelerate Maker’s decline — with locked-up funds falling 44% from $505 million to $310 in just two days and comprising a nearly 60% drop since mid-February.

DeFi Pulse estimates that the top three protocols — Maker, Synthetix, and Compound — represent 76% of all assets locked up, with $536.1 million.

New DeFi protocols proliferate

The number of DeFi projects providing lending services has increased significantly over the past year, with DeFi transactions coming to represent up to one-third of the Ethereum (ETH) block space.

On April 8, PieDAO launched its first fund, called BTC++, on Uniswap. PieDAO allows users to create tokenized portfolios that offer exposure to both crypto and traditional assets through synthetic assets. PieDAO BTC++ is already the 88th-largest DeFi protocol, with $95,200 in funds locked up.

OpenLaw’s limited liability for-profit decentralized autonomous organization, the LAO, announced it will open its doors to membership on April 28. The LAO membership is only available to accredited investors.