As a seasoned analyst with years of experience navigating the volatile world of decentralized finance (DeFi), I find myself both encouraged and cautiously optimistic about the latest developments in this sector. The recent surge in Total Value Locked (TVL) to $87.3 billion, its highest level since August, is a positive sign that the market may be recovering from the doldrums of the past few months.
The worth trapped in decentralized financial systems has hit a one-month peak, mirroring the broader crypto market’s recuperation process.
Based on figures from DefiLlama, the total value locked (TVL) in DeFi worldwide stands at approximately $87.3 billion. This figure is similar to what was observed on Aug. 27. However, the weekly trading volume has slightly decreased by 2.2% over the past week and now stands around $23 billion.
Notably, the DeFi TVL plunged to $75 billion on Sept. 7 for the first time since late February.
Data shows that the top 10 leading DeFi protocols have all recorded bullish momentum over the past week.
As an analyst, I’ve observed a significant growth over the past week. Specifically, Lido’s Total Value Locked (TVL) has exceeded the $25 billion milestone, marking a 13% increase. Interestingly, Aave also experienced a comparable surge, pushing its TVL up to approximately $12.4 billion. EigenLayer claimed the third spot with a TVL of around $12.2 billion. These findings suggest a robust momentum in the decentralized finance (DeFi) sector.
Additionally, it’s worth noting that the native tokens of the top two protocols, Lido DAO (LDO) and Aave (AAVE), experienced increases of 1.5% and 7.8% over the past day. Currently, LDO is being traded at around $1.15, while AAVE has moved above the $170 mark.
Ethena lost the 10th spot to Pendle after its TVL decreased by 3% over the past week.
Currently, the combined worth held in Decentralized Finance (DeFi) platforms is significantly lower than its peak in November 2021, which was approximately $188 billion. Today, it’s sitting more than 50% below that amount.
Over the past week, the total value of all cryptocurrencies in circulation has increased from approximately $2.14 trillion to $2.31 trillion, based on information from CoinGecko. The majority of this growth occurred on September 18, coinciding with the U.S. Federal Reserve’s decision to lower its interest rates by 0.5%.
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2024-09-23 14:52