Defi Total Value Locked soars to a two-year peak amidst a widespread bullish market surge
The decentralized finance (defi) sector is experiencing a remarkable surge in total value locked (TVL) as the broader cryptocurrency market gains bullish momentum. Data from Defi Llama shows that the defi TVL has increased by 9.1% in the past 24 hours, reaching $105.63 billion at the time of writing. This is the first time since May 11, 2022, that the defi market value has surpassed the $100 billion mark.
Out of the total 52 defi protocols with a TVL of over $500 million, 51 are currently performing well in the market. However, Marinade is the only defi protocol among the leading 52 that has recorded losses, with its TVL dropping by 5.4% to $1.66 billion.
The leading defi protocol, Lido Finance, has seen a significant increase in TVL, rising by 17.5% in the past 24 hours to reach $34.22 billion. Similarly, Coinbase’s Wrapped Staked ETH has emerged as the top gainer with a 21.6% rally over the past day, bringing its TVL to $687 million.
The rally in defi TVL coincides with a global upward momentum in the cryptocurrency market. According to CoinGecko, the total crypto market cap has increased by 7.6% in the past 24 hours, reaching $2.74 trillion. Additionally, the global crypto trading volume in 24 hours has surged by 130%, surpassing the $170 billion mark. Such a sudden increase in trading volume usually leads to high price volatility.
It is worth noting that Bitcoin (BTC) has also surpassed the $70,000 mark after consolidating between $60,000 and $67,000 for six weeks.
In other news, Grayscale CEO Michael Sonnenshein has resigned as spot BTC ETF inflows rebound.
