The total value locked (TVL) in decentralized finance (DeFi) is experiencing a remarkable increase as the overall cryptocurrency market sees a strong bullish trend.
According to data from Defi Llama, the DeFi TVL has jumped by 9.1% in the past 24 hours, reaching $105.63 billion. This is the first time since May 11, 2022, that the DeFi market has surpassed the $100 billion mark.
In the current rally, 51 of the 52 DeFi protocols with a TVL of over $500 million are showing gains.
Marinade is the only top DeFi protocol to see losses in the past day, with its TVL falling by 5.4% to $1.66 billion, according to Defi Llama.
The leading DeFi protocol, Lido Finance, saw its TVL increase by 17.5% in the past 24 hours, reaching $34.22 billion for the first time in six weeks.
Similarly, Coinbase’s Wrapped Staked ETH was the top performer with a 21.6% increase in the past day, pushing its TVL to $687 million, the highest in two months.
This surge in DeFi TVL coincides with the global cryptocurrency market gaining momentum. Data from CoinGecko shows the total crypto market cap has risen by 7.6% in the past 24 hours, reaching $2.74 trillion.
Additionally, CoinGecko reports that global crypto trading volume has soared by 130% in the past 24 hours, surpassing $170 billion.
Such a sharp increase in trading volume often leads to high price volatility.
It’s also worth noting that Bitcoin (BTC) has broken through the $70,000 mark after six weeks of fluctuating between $60,000 and $67,000.
Summary Review: The DeFi sector is witnessing significant growth as its TVL reaches a 2-year high, mirroring the broader bullish trend in the cryptocurrency market. With most major DeFi protocols posting gains and overall market metrics showing robust performance, the future looks promising for the DeFi ecosystem. However, the accompanying increase in trading volume suggests potential price volatility, warranting cautious optimism for investors.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
