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DeFi Value Locked Reaches Nearly $42 Billion as Token Market Experiences Significant Growth – Here’s the Latest

Ruholamin Haqshanas
Last updated: | 2 min read
Image Soure: Adobe

The total value locked (TVL) across DeFi projects has experienced a resurgence after teetering below the $40 billion mark last week.

According to data from DeFi TVL aggregator DefiLlama, the DeFi market cap is currently valued at over $41 billion, with approximately $1.6 billion in trading volume over the past day.

The surge indicates a daily rise of around 6%, accompanied by a 6.39% increase in trade volume. 

Among the top DeFi tokens, Chainlink (LINK) has emerged as one of the biggest winners of the week, experiencing a more than 4% increase in value. 

However, other coins like Synthetix (SNX) and injective (INJ) have slipped by 2.70% and 3.36%, respectively, over the past week.

Among smaller DeFi tokens, some witnessed notable growth while others faced significant declines. 

During the previous week, Ellipsis (EPS) experienced a remarkable rise of 129% and Thorchain (RUNE) climbed by 49.29%. 

Conversely, Persistence (XPRT) plummeted by 12.47%, and Mobox (MBOX) suffered a decline of 10.94%. 

Curve’s CRV token, still recovering from a recent hacking incident, fell by an additional 4.81% this week.

DeFi TVL Reaches Almost $42 Billion on Sunday

Despite fluctuations in token performance, theTVL in DeFi reached $41.94 billion on Sunday, narrowly avoiding falling below the $40 billion threshold. 

Leading the pack in TVL size is Lido Finance, boasting an impressive $15.11 billion in its liquid staking protocol. 

Following Lido, MakerdaoAaveUniswap, and Tron’s Justlend protocol are ranked based on TVL size.

Out of the 202 blockchain platforms, Ethereum dominates with over 58% of the TVL market share, amounting to $24.38 billion. 

Trailing behind are Tron, BSC, Arbitrum, Polygon, Optimism, Avalanche, Mixin, Solana, and Cronos. Tron’s TVL commands a 13.31% market share, with a combined value of $5.56 billion as of Sunday morning.

Furthermore, an astonishing 10.89 million Ether, equivalent to $20.252 billion, is locked in 23 distinct liquid staking DeFi protocols related to Ethereum. 

These protocols account for nearly half (48.28%) of the entire $41.94 billion TVL in DeFi across all 202 blockchain networks

The rise in DeFi TVL comes amid a surge in good news within the industry. 

Last week, payments giant PayPal announced that it is rolling out its PYUSD stablecoin soon.

The dollar-pegged asset is issued by Paxos, a blockchain infrastructure firm that used to issue Binance USD (BUSD) stablecoin.

Likewise, Coinbase announced the launch of its Ethereum (ETH) layer-2 scaling solution Base.

The platform aims to enable developers to build their own crypto applications, expanding Coinbase’s revenue streams beyond its core trading business.