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HomeDeFiDeFi ecosystem rebounds to 18-month high of $60 billion in assets, signaling...

DeFi ecosystem rebounds to 18-month high of $60 billion in assets, signaling investor confidence resurgence


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The global crypto market cap is $1.7 trillion with a 24-hour volume of $49 billion. The price of Bitcoin is $44,255.61 and BTC market dominance is 51.2%. The price of Ethereum is $2,431.81 and ETH market dominance is 17.2%. The best performing cryptoasset sector is Media, which gained 29%.
DeFi TVL have increased by 68% since November 2023 thanks to the improved market conditions.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The decentralized finance (DeFi) ecosystem has hit a significant milestone as the total value of assets locked (TVL) surpassed $60 billion, marking a return to levels last seen in August 2022.
According to data from DeFiLlama, the sector surged by an impressive 68% to $60.72 billion from November 2023, when the TVL stood at around $36 billion.
The upward trajectory of a TVL signals robust investor confidence, with more users entrusting their assets to partake in decentralized financial activities.
Market analysts attribute this growth to the recent surge in crypto asset prices, fueled by buzz surrounding Bitcoin exchange-traded funds (ETFs). This rally, capturing the interest of both retail and institutional investors, propelled Bitcoin to nearly $50,000 and Ethereum, the leading DeFi blockchain network, above $2,000.
Ethereum leads
Ethereum remains the dominant force in DeFi, claiming over 58% of the market share across blockchains, boasting a TVL of $35.3 billion. Tron blockchain is second, commanding a 13% market share with a TVL of $8 billion.
Beyond Ethereum and Tron, other blockchain networks such as Solana, Binance Smart Chain, Polygon, and Arbitrum also wield considerable influence, hosting many projects and boasting substantial TVL figures.
Meanwhile, the emergence of the Sui blockchain is noteworthy as it has rapidly ascended the ranks in the DeFi space, securing a spot among the top 10 in TVL and surpassing well-established competitors like Cardano and Bitcoin.
Lido dominate protocols
Lido Finance, a leading liquid staking protocol, commands a significant 37% market share, boasting a TVL of $22.58 billion.
Lido is poised to exceed 10 million ETH staked through its platform, operating across prominent blockchain networks such as Ethereum, Solana, Moonbeam, and Moonriver.
The other top five protocols include notable entities like the DAI stablecoin issuer Maker, lending platforms Aave and Justlend, and the decentralized exchange Uniswap. These protocols collectively hold TVLs of $7.7 billion, $6.98 billion, $6.14 billion, and $4.21 billion, respectively.
Trading resurgence
Concurrently, decentralized exchanges (DEXs) have experienced a surge in daily trading volumes, witnessing a 3.29% increase over the past week alone, facilitating trades worth approximately $22 billion, according to DeFillama data.
Furthermore, a Dune Analytics dashboard curated by rchen8 shows a resurgence in the sector’s user base, with more than 3 million users returning to previous highs. Over the past two months, the ecosystem has welcomed 3.6 million new addresses, pushing its total user count close to 50 million.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
CryptoSlate’s latest report dives deep into the benefits of stablecoin regulation to explore why it would serve both private and public interests better than CBDCs.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
TRON is one of the largest blockchain-based operating systems.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
Salty.IO introduces a revolutionary blockchain salt-hashing mechanism to enhance data security and privacy.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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