DeFi TVL increased 26.82% in January

DeFi TVL up 26.82% in January DeFi TVL up 26.82% in January
DeFi TVL up 26.82% in January

Cover/illustration via Cryptooshala

According to DappRadar’s January industry report, total DeFi value locked (TVL) increased by 26.82% in January to reach $74.6 billion.

“The DeFi market showed signs of recovery in January 2023,” the post reads. report said as TVL recorded growth in January.

DeFi TVL (Source: DappRadar)
DeFi TVL (Source: DappRadar)

DeFi TVL is currently at an all-time high for the past four months. According to the data, DeFi TVL dropped to around $50 billion in November, the lowest in the previous four months.

Lido Finance became the most extensive DeFi protocol in January. Its TVL recorded a 36.77% increase during the month, reaching $8 billion.

Blockchain TVL

The Ethereum (ETH) blockchain leads the way in terms of TVs with $48.6B, up 29% from $37.6B in December 2022.

Blockchain based TVL (Source: Glassnode)
Blockchain based TVL (Source: Glassnode)

BNB Chain (BNB) and Tron (TRX) are in second and third place with $7.1 billion and $5.3 billion respectively. Both networks recorded an 18% increase in their TVL amounts in December 2022.

Although ranked seventh on the list, Optimism (OP) stands out by recording its most significant single-month growth, recording a 57% increase from $589 million in December to $821 million in January. Cronos (CRO) and Solana (SOL) followed OP as the second and third networks to record the highest growth rates, with 53% and 51% respectively.

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