The decentralized finance (DeFi) sector has witnessed a resurgence, with its total value locked (TVL) soaring to levels not seen in 22 months, reflecting broader bullish sentiments across the crypto market.
Data from Defi Llama reveals that the global DeFi TVL has surged by $27.6 billion since February 1, skyrocketing from $59.44 billion to $87.12 billion as of the latest figures. This marks a significant milestone, with TVL levels last seen in May 2022.
Leading the charge is Lido Finance, whose TVL has surged by 4% in the past 24 hours, reaching an impressive $31.87 billion. Following closely is AAVE, boasting a TVL of $9.24 billion.
In a remarkable turn of events, Lido Staked Ether (stETH) has surpassed XRP’s market cap to become the sixth-largest cryptocurrency, currently valued at $31.27 billion.
Ethereum remains the powerhouse of the DeFi ecosystem, commanding a global TVL of $50.44 billion, according to Defi Llama. Protocols built on the Ethereum blockchain have collectively generated almost $15 million in fees over the past 24 hours.
The surge in DeFi TVL mirrors a broader uptrend in the crypto market, with the global cryptocurrency market capitalization recording a notable 7.1% surge in the past 24 hours. As per CoinGecko data, the total crypto market cap now stands at $2.23 trillion.
Additionally, the total daily trading volume across all digital currencies listed on CoinGecko is hovering around $134.91 billion, indicating robust trading activity amid the market rally.
The resurgence in DeFi activity underscores renewed investor interest in decentralized finance protocols, highlighting their integral role in shaping the future of the crypto landscape amidst ongoing market fluctuations.
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