DeFi TVL Hits OneMonth Peak as Leading Protocols Soar
The total value locked (TVL) in decentralized finance (DeFi) protocols has reached its highest point in a month, coinciding with a resurgence in the broader cryptocurrency market. As per data from DefiLlama, the global DeFi TVL now stands at $87.3 billion, a level not seen since August 27. In contrast, the weekly trading volume has seen a slight dip of 2.2% over the past week, currently settling at $23 billion.
The top 10 DeFi protocols as of September 23 | Source: DefiLlama
It’s worth noting that the DeFi TVL had plummeted to $75 billion on September 7, marking the lowest point since late February.
Interestingly, data indicates that all of the top 10 DeFi protocols experienced positive trends in the past week. Lido’s TVL exceeded the $25 billion threshold following a 13% increase over seven days. Similarly, AAVE saw its TVL rise to $12.4 billion. EigenLayer claimed the third position with a TVL of $12.2 billion.
Additionally, the native tokens for the leading protocols, Lido DAO (LDO) and Aave (AAVE), appreciated by 1.5% and 7.8%, respectively, within the last 24 hours. Currently, LDO is trading at $1.15, while AAVE has surpassed $170. Ethena has lost its spot in the top 10, falling to Pendle after its TVL dipped by 3% this past week.
Despite the recent uptick, the total value locked in DeFi remains over 50% lower than its peak of nearly $188 billion in November 2021. In the broader cryptocurrency landscape, the global market capitalization increased from $2.14 trillion to $2.31 trillion in the past week, as reported by CoinGecko. Much of this growth was observed on September 18, following a 50 basis point interest rate cut by the U.S. Federal Reserve.
