Cryptocurrency prices have risen in value in recent days, with the total value locked (TVL) in decentralized finance (defi) breaking the $50 billion mark for the first time since the FTX crash. As of February 16, 2023, the TVL in defi is $51.1 billion, with the Lido liquid stake protocol accounting for 17.18% of the total.
Ethereum dominates Defi with over 60% TVL, while Tron and Binance Smart Chain battle for second place
In the last 24 hours, the entire cryptocurrency market is up more than 5% against the US dollar, and the market capitalization of the leading tokens of the smart contract platform has increased. increase by 7%. During the same period, ethereum rose 6.5%, bnb Cardano was up 4.2%, Cardano was up 2.4%, and Polygon was up 8.3% against the US dollar. Solana was up 3.9%, Polkadot was up 3.6%, and the Avalanche was up 5.7%.
The aforementioned price increases have pushed the total value locked (TVL) in decentralized finance (defi) above the $50 billion mark for the first time since November 8, 2022. As of February 16, 2023 , Statistics show the TVL to be about $51.1 billion, with $8.78 billion held by Lido. Lido is the largest protocol in terms of TVL, capturing 17.18% of the total. The liquid stake protocol is followed by Makerdao, Curve, Aave, and Convex Finance, respectively.
This week, more than 60% of the total value locked in defi, amounting to $30.98 billion, is pegged to Ethereum. Tron is the second largest blockchain in terms of TVL size, with 10.39% of total value locked. Binance Smart Chain (BSC), which used to be the second largest chain in terms of TVL size, now ranks third, with 9.57% of the total value. After Ethereum, Tron, and BSC, the next largest TVL blockchains are Arbitrum, Polygon, Avalanche, Optimism, Fantom, and Cronos.
The largest protocol bridges in terms of value locked include WBTC, Multichain, Justcrypto, and Portal. As of February 16, 2023, major decentralized exchange (dex) platforms include Uniswap, Curve, Sunswap, Pancakeswap, Balancer, Trader Joe’s, Spookyswap, Velodrome, and Orca. Processed Dex Platforms $3.7 billion in world trade volume in the last 24 hours. The largest defi lenders include Aave, Venus, Justlend, Radiant, Geist Finance, Solend, Tectonic, and Pando Rings.
What do you think is driving the recent rise in cryptocurrency prices and the growth of decentralized finance, and where do you think the industry will head in the coming months? Share your thoughts in the comments below.
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