Market turns bullish with DeFi TVL surpassing 22-month high
Decentralized finance (DeFi) has reached its highest total value locked (TVL) in 22 months, coinciding with a notable surge in the broader crypto market. Data from Defi Llama reveals that the global DeFi TVL has risen by $27.6 billion since February 1st, increasing from $59.44 billion to $87.12 billion as of now. This level has not been seen since May 2022. The leading DeFi protocol, Lido Finance, has experienced a 4% increase in its TVL in the past 24 hours. Currently, Lido Finance’s TVL stands at $31.87 billion, followed by AAVE with a TVL of $9.24 billion.
On February 26th, Lido Staked Ether (stETH) overtook XRP’s market cap and became the sixth-largest cryptocurrency. The market cap of stETH is currently valued at $31.27 billion. It is worth noting that the Ethereum blockchain dominates the DeFi scene with a global TVL of $50.44 billion, according to Defi Llama. Data shows that protocols on Ethereum (ETH) have accumulated nearly $15 million in fees over the past 24 hours.
The surge in DeFi TVL coincides with a 7.1% increase in global crypto market capitalization over the past 24 hours. According to CoinGecko, the total cryptocurrency market cap currently stands at $2.23 trillion. Additionally, the total daily trading volume from all digital currencies listed on CoinGecko hovers around $134.91 billion.
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