[ad_1]
Five days ago, the total value locked (TVL) in decentralized finance (defi) protocols exceeded the $80 billion mark, and since that point, it has expanded by an additional $11.66 billion. As it hovers above the $91 billion threshold, the TVL is approaching the $100 billion milestone, a figure not observed since before the collapse of Terra’s stablecoin.
Over 29 Protocols Exceed $1 Billion in Value Amid Defi Sector Expansion
Data reveals the decentralized finance (defi) landscape has seen significant growth since the beginning of the year. As of March 2024, the combined market value of all defi tokens stands at $115.46 billion, marking an increase of $12.79 billion from the $102.66 billion recorded on Feb. 24, 2024.
Over the past week, avalanche (AVAX) has climbed more than 19%, while chainlink (LINK) has ascended by 11.5%. The majority of defi tokens, in terms of market capitalization, have experienced upward movements in the last week, with coins like INJ, STX, GRT, and THETA achieving substantial gains.
During the seven-day span, the total value locked (TVL) in decentralized finance (defi) witnessed an increase of roughly $11.66 billion, climbing from the $80.21 billion mark to stand at $91.87 billion today. Leading the charge in the defi space is Lido, the liquid staking protocol, with a commanding $33.849 billion of the total value locked on its platform, primarily attributed to the 9.84 million ethereum (ETH) it holds.
If Lido’s staked ether (STETH) token were to be ranked among the leading crypto assets, it would occupy the sixth spot, with some crypto aggregation sites already positioning STETH accordingly. Lido’s contribution to the TVL represents 36.83% of the total value currently in defi.
Following closely is Aave, with a TVL of $10.09 billion, accounting for 10.98% of the total defi TVL. Eigenlayer is not far behind, with $9.81 billion, followed by Maker with $9.24 billion, and Justlend with $6.97 billion.
As of March 1, 2024, there are 29 defi protocols each holding over $1 billion in value. Ethereum-based defi protocols account for $52.47 billion or 60.03% of the current defi TVL. At the beginning of March, Tron’s TVL stands at $9.47 billion, while BNB commands $4.95 billion.
This week’s top decentralized exchange (dex) platforms feature Uniswap v3, Jupiter, Orca, Pancakeswap, Uniswap v2, Curve, Thorchain, Raydium, and Quickswap. Each of these dex protocols has seen a 24-hour global trade volume ranging from $109 million to $1.3 billion.
What do you think about the value locked in defi rising toward the $80 billion threshold? Let us know what you think about this subject in the comments section below.
[ad_2]
