Key Points
- The total value locked (TVL) in decentralized finance (defi) has seen a significant increase, surpassing $100 billion.
- 51 out of 52 defi protocols with a TVL over $500 million are experiencing gains, with Coinbase’s Wrapped Staked ETH leading the rally.
The defi sector is currently experiencing a significant uptick, with the total value locked (TVL) surpassing the $100 billion mark for the first time since May 11, 2022.
This surge is in line with the broader bullish momentum observed in the cryptocurrency market.
Defi Protocols in the Green Zone
Out of the 52 defi protocols with a TVL exceeding $500 million, 51 are currently in the green zone.
Marinade is the only defi protocol among the top 52 that has recorded a loss, with its TVL decreasing by 5.4% to $1.66 billion.
The TVL of Lido Finance, a leading defi protocol, has increased by 17.5% in the last 24 hours, reaching $34.22 billion.
Top Gainer: Coinbase’s Wrapped Staked ETH
Coinbase’s Wrapped Staked ETH has emerged as the top gainer, with a 21.6% rally over the last day.
The protocol’s TVL achieved a milestone by reaching $687 million for the first time in the past two months.
The rise in the defi TVL coincides with the global cryptocurrency market’s upward trajectory.
Data provided by CoinGecko shows that the total crypto market cap has increased by 7.6% in the past 24 hours, reaching $2.74 trillion.
The global crypto trading volume also saw a significant increase of 130% in 24 hours, surpassing the $170 billion mark.
This surge in trading volume usually indicates potential high price volatility.
Notably, the Bitcoin (BTC) price has also surpassed the $70,000 mark after six weeks of consolidation between $60,000 and $67,000.
