The total value locked (TVL) in DeFi projects has seen a resurgence, bouncing back from a recent dip below the $40 billion mark.
Data from DeFi TVL aggregator, DefiLlama, reveals that the DeFi market cap is currently valued at over $41 billion, with around $1.6 billion in daily trading volume.
This surge represents a daily increase of approximately 6%, accompanied by a 6.39% rise in trading volume.
Among the leading DeFi tokens, Chainlink (LINK) has emerged as one of the standout performers of the week, experiencing a more than 4% increase in value.
On the other hand, some other coins like Synthetix (SNX) and Injective (INJ) have faced declines of 2.70% and 3.36%, respectively, over the past week.
Within the realm of smaller DeFi tokens, there were notable divergences in performance.
In the preceding week, Ellipsis (EPS) demonstrated an impressive surge of 129%, while Thorchain (RUNE) saw a substantial increase of 49.29%.
On the flip side, Persistence (XPRT) experienced a sharp drop of 12.47%, and Mobox (MBOX) faced a decline of 10.94%.
Curve’s CRV token, which is still in the process of recovering from a recent hacking incident, observed a further decline of 4.81% this week.
DeFi TVL Reaches Almost $42 Billion on Sunday
Despite fluctuations in token performance, the total value locked (TVL) in DeFi managed to stay above the $40 billion threshold, reaching $41.94 billion on a recent Sunday.
Lido Finance is leading the pack in terms of TVL size, with an impressive $15.11 billion locked in its liquid staking protocol. Following Lido, the rankings are occupied by Makerdao, Aave, Uniswap, and Tron’s Justlend protocol, based on their TVL.
Within the realm of 202 blockchain platforms, Ethereum maintains dominance with over 58% of the TVL market share, amounting to $24.38 billion. Trailing behind are Tron, BSC, Arbitrum, Polygon, Optimism, Avalanche, Mixin, Solana, and Cronos. Tron’s TVL commands a 13.31% market share, with a combined value of $5.56 billion as of that Sunday morning.
Additionally, a staggering 10.89 million Ether, equivalent to approximately $20.252 billion, is securely locked in 23 distinct liquid staking DeFi protocols associated with Ethereum. These protocols represent nearly half, approximately 48.28%, of the entire $41.94 billion TVL in DeFi across all 202 blockchain networks.
This upswing in DeFi TVL coincides with a series of positive developments within the industry.
Just last week, the payments giant PayPal unveiled its forthcoming PYUSD stablecoin. This dollar-pegged asset is issued by Paxos, a blockchain infrastructure company that previously issued the Binance USD (BUSD) stablecoin.
Furthermore, Coinbase made an announcement about the launch of its Ethereum (ETH) layer-2 scaling solution, Base. This platform aims to empower developers to create their own cryptocurrency applications, expanding Coinbase’s revenue streams beyond its core trading activities.
