The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below range for most of March. Currently, the value locked in defi is approximately $50.34 billion, up 1.97% in the last 24 hours.
Defi value surges close to 2% higher to over $50 billion
With the value of crypto assets rising and the crypto economy rising 1.2% to $1.24 trillion, the total value locked (TVL) in defi on Wednesday was $50.34 billion. The defi platform Lido Finance dominates the main defi protocols with 10.76 billion dollars, 10.60% more in seven days and 24.61% more than last month. Makerdao’s TVL is the only defi protocol in the top five to have seen a TVL reduction of 1.29%. Aave, Curve and Uniswap have seen increases with Curve jumping ahead at 13.62%.
Most of the increase in defi is due to the smart contract platform’s market cap rising 3.6% over the past day to $357 billion. All five major smart contract tokens have increased in value over the past week, except for polygon (MATIC), which is down 3.9% over the past seven days. In terms of TVL per blockchain, Ethereum dominates $50.34 billion by more than 59% with a total of $29.71 billion. Ethereum is followed by Tron ($5.35B), BSC ($5.1B), Arbitrum ($2B), and Polygon ($1.07B).
As for liquid staking, the main protocol on Ethereum is Lido, on Tron it is Neopin Staking, on BSC it is Ankr, on Arbitrum the main liquid staking app is Tenderize, and the main staking protocol on Polygon is Thunderpokt. For Ethereum, there are 7,843,929 ETH with $14.29 billion worth locked up in liquid betting protocols today, with Lido dominating the pack. Behind Lido are Coinbase ($2.150 million), Rocketpool ($805.53 million), Frax ($224.22 million), Stakewise ($158.34 million) and Stakehound ($118.85 million). The top five bridges, as far as TVL is concerned, include WBTC, Justcryptos, Multichain, Poly Network, and Portal.
At 3:30 pm (ET) on March 22, 2023, following the recent Fed and bitcoin rate hike (BTC) falling 3.4%, the TVL in defi has managed to stay just above the $50 billion range in $50.08 billion.
What do you think is driving the rise in defi and your TVL? Share your thoughts on this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons, defillama.com,
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