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Ethereum Leads as DeFi Total Value Locked Hits 20-Month High

The decentralized finance (DeFi) ecosystem continues its upward trajectory as the total value locked (TVL) approaches the $70 billion mark, reaching a significant milestone not seen in over 20 months.

Data from Defi Llama reveals a remarkable 22% surge in global DeFi TVL over the past two weeks, now standing at an impressive $68.99 billion. On February 13, the TVL soared to $69.35 billion, marking its highest point since mid-June 2022.

Among the 40 DeFi protocols boasting a TVL of over $500 million, Lido Finance leads the pack with a substantial TVL of $25.71 billion. However, the standout performer of 2024 is EigenLayer, experiencing a staggering six-fold increase in TVL over the past six weeks. Starting at $1.1 billion on January 1, EigenLayer’s TVL has surged to $6.5 billion at the time of reporting.

Ethereum (ETH) continues to dominate the DeFi landscape with a commanding TVL of $40.95 billion, closely trailed by Tron with a TVL of $8.79 billion.

In a recent development, Solana (SOL) briefly surpassed Ethereum in decentralized exchange (DEX) volume on January 31, reaching $1.46 billion. However, Ethereum swiftly reclaimed the top spot on February 2, as Solana’s DEX volume dipped below $900 million.

Currently, Ethereum leads the DEX volume charts with $1.41 billion, followed by Solana with $780 million in DEX volume.

The resurgence of DeFi and Ethereum’s continued dominance underscore the resilience and growth potential of decentralized finance, with investors and users alike flocking to the ecosystem in pursuit of financial innovation and opportunity.

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