The crypto market has seen a surge in value in the last few days. Since the fall of FTX, the total value locked in decentralized finance (defi), (TVL), has surpassed $50 billion. The TVL in defi stands at $51.1 billion as of February 16, 2023. Liquid staking protocol Lido accounts for 17.18%.
Ethereum wins Defi with more than 60% TVL, while Tron and Binance SmartChain battle for second place
The cryptocurrency market has increased more than 5% in the last 24 hours against the U.S. Dollar. Additionally, the market capitalization for the top smart contract platform tokens has increased by a staggering 6% Increasing By 7%. The price of ethereum rose 6.5% during the same time period. BNB The price of cardano rose by 2.4% and the price of polygon rose 8.3% against a U.S. Dollar. Solana experienced a 3.9% rise, polkadot climbed by 3.6% and avalanche gained 5.7%.
These price increases have propelled total value locked (TVL), in decentralized finance, (defi), above $50 billion for the first time since Nov. 8, 20,22. February 16, 2023 Statistics The TVL amounts to approximately $51.1 billion with $8.78 billion being held by Lido. Lido, which captures 17.18% of total TVL, is the largest protocol. Makerdao and Curve, Aave and Convex Finance follow the liquid staking protocol.
This week More than 60% Ethereum is responsible for $30.98 billion of total defi value. Tron, which holds 10.39% of total value locked, is the second-largest Blockchain in terms of TVL size. Binance Smart Chain, (BSC), used to be second in terms of TVL size and now holds 9.57%. The next-largest blockchains in TVL, after Tron and Ethereum, are now BSC, Polygon and Avalanche and Optimism and Fantom.
WBTC and Multichain are the largest protocol bridges by value locked. Justcrypto and Portal are also among them. Uniswap and Curve are the top decentralized exchange platforms (dex), as of February 16, 2023. Processing of dex platforms $3.7 Billion Global trade volume in the last 24 hours. Aave, Venus and Radiant are the largest defi lenders.
What are your thoughts on the recent rise in crypto prices? How do you see decentralized finance evolving in the future? Please share your views in the comments section below.