Amid the recent gains in the crypto economy, the total value locked, or TVL, in decentralized finance, or defi protocols, has risen above the $40 billion threshold. This is after remaining below that level since mid-August. The top 100 defi coins by market capitalization are just below the $50 billion mark.
Defi Market Bounces Back as TVL Hits $41.42 Billion
Since October 23, the TVL in defi has surpassed $40 billion. As of Thursday, it stands at $41.42 billion, according to defillama.com. All ten of the leading defi protocols by TVL have experienced double-digit gains in the past week.
Summer Finance and Aave are at the forefront with gains exceeding 20% during this time. Other significant gainers include Rocket Pool and Lido Finance. The TVL in defi was last around this level on August 15, 2023.
Over a 30-day period, nine of the top ten defi protocols by TVL size posted gains. Uniswap, however, recorded a monthly loss of 15.94%. The leading gainers for the month were Aave and Justlend, each securing gains of about 17.15%.
Of the $41.42 billion total, $20.62 billion is in ethereum, or ETH liquid staking protocols. This represents 49.78% of the current TVL in defi, stemming from ethereum’s liquid staking market. Additionally, four of the top ten defi protocols focus on lending.
While the TVL in defi has shown improvement, the top 100 defi coins are valued at $49.95 billion. In the past 24 hours, these defi tokens have seen $41.97 billion in global trade volume. Out of the top ten, chainlink, or LINK, experienced the largest increase this week, rising 43.1% against the U.S. dollar.
Lido’s DAO token, LDO, went up by 22%, and Injective, or INJ, increased by 37.7%. Tokens such as SURE, TRB, BOND, and KWENTA also saw notable gains in the past week. Conversely, STPT, BNT, NRV, and RBN experienced losses ranging from 4% to 13%.
In total, 17 coins from the top 100 defi coins recorded losses this week, despite the broader upward trend in the crypto market.
What do you think about the latest action in the world of decentralized finance? Share your thoughts and opinions about this subject in the comments section below.
from Bitcoin News https://ift.tt/xWBpoPC
