Cryptocurrency prices have soared in recent days, with decentralized finance (defi) total value locked (TVL) topping $50 billion for the first time since the FTX collapse. as of February 16, 2023 TVL for defi was $51.1 billion, with Lido, the liquid staking protocol, accounting for 17.18% of the total.
Ethereum dominates defi with over 60% of TVL, Tron and Binance’s smart chain vying for second place
{16
In the past 24 hours, the overall cryptocurrency market has risen over 5% against the USD, with top smart contract platform tokens saw their market capitalization increase by7%. During the same period, Ethereum rose 6.5%,while BNBgained 4.2% against the USD, Cardano 2.4%, and Polygon 8.3%. The Solana, Polkadot, and Avalanche gained 3.9%, 3.6%, and 5.7%, respectively.
With the aforementioned price increases, the total value lock (TVL) of diversified financials (defi) reached the $50 billion mark for the first time since November 8, 2022; as of February 16, 2023, according tostatisticsTVL is approximately $51.1 billion, with Lido holding $8.7 billion 80 million; the largest protocol in TVL is Lido, accounting for 17.18% of the total. Liquid staking protocols follow Makerdao, Curve, Aave, and Convex Finance, respectively.
More than 60%of the total value locked in Defi this week, reaching $30.98 billion, is associated with Ethereum. Tron is the second largest blockchain in TVL size, commanding 10.39% of the total value locked; Binance Smart Chain (BSC), which was second in TVL size, is now in third place with 9.57% of the total value. After Ethereum, Tron, and BSC, blockchains with the largest TVLs are Arbitrum, Polygon, Avalanche, Optimism, Fantom, and Cronos.
The largest protocol bridges in terms of locked value include WBTC, Multichain, Justcrypto, and Portal.As of February 16, 2023, the top decentralized exchange (dex) platforms are Uniswap, Curve, the Sunswap, Pancakeswap, Balancer, Trader Joe, Spookyswap, Velodrome, and Orca, among others. dex platforms processed $3.7 billionin global trading volume in the past 24 hours. Defi’s largest lenders include Aave, Venus, Justlend, Radiant, Geist Finance, Solend, Tectonic, and Pando Rings.
What do you think is driving the recent surge in crypto prices and the growth of decentralized finance, and where do you see the industry heading in the coming months? Share your thoughts in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons
