Defi Value Locked Rises Past $40 Billion Amid Broader Crypto Upswing

The decentralized finance (defi) sector has witnessed an encouraging rebound, with the total value locked (TVL) surpassing the $40 billion mark. This surge comes after a prolonged phase below this threshold since mid-August. Remarkably, the market capitalization for the top 100 defi tokens is nearing the $50 billion milestone.

Since October 23, the Defi TVL has made notable progress, currently sitting at approximately $41.42 billion, as per data from The leading ten defi projects, in terms of TVL, have all posted double-digit growth rates in the last seven days.

Pioneering this rally are Summer Finance and Aave, both recording over 20% gains in the past week. Other noteworthy performers include Rocket Pool and Lido Finance. The last time the Defi TVL hovered around this mark was on August 15, 2023.

Looking at the performance over the month, nine out of the top ten defi platforms experienced growth in TVL. A notable exception was Uniswap, which saw a decrease of 15.94%. On the winning side, Aave and Justlend stood out with nearly 17.15% gains.

Breaking down the $41.42 billion TVL, Ethereum (ETH) liquid staking protocols account for $20.62 billion, translating to 49.78% of the total defi TVL. This is attributable to Ethereum’s substantial presence in the liquid staking segment. In addition, lending remains a focal activity, with four out of the top ten defi protocols concentrating on this vertical.

Though the defi sector’s TVL showcases a positive trend, the aggregate value of the top 100 defi tokens is poised just below $50 billion at $49.95 billion. Over the last day, these tokens generated a trade volume of $41.97 billion worldwide. Among them, chainlink (LINK) stole the spotlight with an impressive 43.1% appreciation against the U.S. dollar. Other tokens, such as Lido’s DAO (LDO) and Injective (INJ), also enjoyed notable gains, increasing by 22% and 37.7%, respectively. However, certain tokens like STPT, BNT, NRV, and RBN underwent losses between 4% and 13%.

Despite the overall positive trajectory in the cryptocurrency arena, 17 out of the top 100 Defi tokens reported a downward trend this week.


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