Crypto market surge propels Defi TVL beyond $55 billion
Decentralized finance (defi) is experiencing a significant boost in total value locked (TVL) as the wider cryptocurrency market sees a rally. Defi Llama’s data reveals that global defi TVL has increased by approximately $2 billion in the last 24 hours, reaching $55.34 billion. The 24-hour defi trading volume stands at around $2.6 billion, with decentralized exchanges dominating 11.9% of the volume.
In response to the surge in defi TVL, Lido Finance, the sector’s leading protocol, has seen a 4.5% increase in its TVL, reaching $22 billion. The Ethereum blockchain holds a $29.7 billion share of the total defi TVL, with a $1 billion increase in just 24 hours. Tron follows closely in second place with $8.4 billion in TVL.
It’s worth noting that Solana’s TVL has experienced significant growth since the beginning of the bull market trend in November 2022. According to Defi Llama, Solana’s defi TVL has risen from around $670 million on December 1 to $1.5 billion in early January.
Furthermore, investor interest in defi coincides with a notable surge in the crypto market as the Christmas holidays come to an end. CoinGecko data shows that the global crypto market cap has increased by 6.6% in the past 24 hours, reaching $1.84 trillion. The total cryptocurrency trading volume has rallied from $61 billion to $84 billion over the past day, according to CoinGecko.
Bitcoin (BTC), the leading cryptocurrency, has also seen impressive gains, surpassing the $45,000 mark as data suggests a further price increase.
