Cryptocurrency prices have skyrocketed over the past few days, with the total value locked (TVL) in decentralized finance (defi) surpassing the $50 billion mark for the first time since the FTX crash. As of February 16, 2023, TVL in defi is $51.1 billion, with liquid staking protocol Lido accounting for 17.18% of the total.
Ethereum dominates Defi with over 60% TVL while Tron and Binance Smart Chain battle for second place
Over the past 24 hours, the entire cryptocurrency market has grown by more than 5% against the US dollar, and the market capitalization of tokens on the smart contract platform has increased. risen by 7%. Over the same period, Ethereum grew by 6.5%, BNB was up 4.2%, cardano was up 2.4% and polygon was up 8.3% against the US dollar. Solana was up 3.9%, polka dots were up 3.6% and Avalanche was up 5.7%.
The aforementioned price increase has pushed the total value locked (TVL) in decentralized finance (defi) to surpass the $50 billion mark for the first time since November 8, 2022. As of February 16, 2023 statistics show that TVL is approximately $51.1 billion, of which $8.78 billion is owned by Lido. Lido is the largest protocol in terms of TVL, covering 17.18% of the total. The liquid staking protocol is followed by Makerdao, Curve, Aave and Convex Finance respectively.
This week, over 60% of the total value locked in defi of $30.98 billion is pegged to Ethereum. Tron is the second largest blockchain in terms of TVL size, accounting for 10.39% of the total value locked. Binance Smart Chain (BSC), which used to be the second largest network in terms of TVL size, is now in third place with 9.57% of the total value. After Ethereum, Tron, and BSC, the next biggest TVL blockchains are Arbitrum, Polygon, Avalanche, Optimism, Fantom, and Cronos.
The largest protocol bridges in terms of locked value include WBTC, Multichain, Justcrypto and Portal. As of February 16, 2023, the top decentralized exchanges (dex) include Uniswap, Curve, Sunswap, Pancakeswap, Balancer, Trader Joe, Spookyswap, Velodrome, and Orca. Dex platforms processed $3.7 billion in the volume of world trade in the last 24 hours. The largest lenders in defi include Aave, Venus, Justlend, Radiant, Geist Finance, Solend, Tectonic and Pando Rings.
What do you think is causing the recent spike in cryptocurrency prices and the rise of decentralized finance, and where do you think the industry is heading in the coming months? Share your thoughts in the comments below.
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Credit : news.bitcoin.com
