DeFi TVL Hits Two-Year High as Crypto Market Surges
How to Use Crypto Payment Gateways
22/05/2024
NVIDIA Achieves Record Q1 Revenue, Catalyzing AI and Bitcoin Mining Sectors
23/05/2024
DeFi TVL Hits Two-Year High as Crypto Market Surges
The Total Value Locked (TVL) in decentralized finance (DeFi) has achieved a remarkable two-year high, showcasing significant growth alongside a broader bull run in the cryptocurrency market.
Data from DeFi Llama reveals that the DeFi TVL has surged by 9.1% over the past 24 hours, reaching $105.63 billion. This milestone marks the first time since May 11, 2022, that DeFi’s market value has exceeded the $100 billion threshold. Currently, 51 out of 52 DeFi protocols, each with a TVL of over $500 million, are experiencing gains.
However, Marinade stands out as the sole DeFi protocol among the top 52 to see a decrease, with its TVL dropping by 5.4% to $1.66 billion.
Lido Finance leads the surge among DeFi protocols, with its TVL increasing by 17.5% in the past 24 hours to a six-week high of $34.22 billion. Additionally, Coinbase’s Wrapped Staked ETH has seen the largest gain, with a 21.6% increase in the past day, bringing its TVL to $687 million, the highest in two months.
This uptick in DeFi TVL coincides with a significant rise in the global cryptocurrency market. According to CoinGecko, the total cryptocurrency market capitalization has grown by 7.6% in the last 24 hours to $2.74 trillion.
The increase in market activity is also reflected in the trading volumes, which have soared by 130% over the past day, crossing the $170 billion mark. Such spikes in trading volume typically suggest heightened price volatility.
In parallel, Bitcoin (BTC) has broken through the $70,000 barrier after a six-week period of fluctuating between $60,000 and $67,000, underscoring the bullish sentiment pervading the crypto markets.
These developments highlight the dynamic and rapidly evolving nature of the cryptocurrency and DeFi landscapes, suggesting a positive outlook for investors and market participants. As the market continues to gain momentum, stakeholders are keenly observing these trends for indications of sustained growth in the sector.
