The total value locked (TVL) in DeFi platforms has seen a rebound after dipping under $40 billion last week.
As per the data sourced from DeFi TVL tracker DefiLlama, the DeFi sector’s market capitalization currently stands above $41 billion, boasting about $1.6 billion in 24-hour trading volume.
This uptick reflects a daily growth of roughly 6%, paired with a 6.39% uptick in trading activity.
Looking at leading DeFi tokens, Chainlink (LINK) stands out, registering an appreciation of over 4% this week.
On the other hand, some tokens like Synthetix (SNX) and Injective (INJ) saw a decline, dropping by 2.70% and 3.36% over the last seven days, respectively.
In the realm of lesser-known DeFi tokens, the performance has been mixed, with some achieving impressive gains and others experiencing dips.
In the past week, Ellipsis (EPS) soared with an impressive 129% increase, while Thorchain (RUNE) also rose, registering a 49.29% uptick.
On the flip side, Persistence (XPRT) took a hit, dropping by 12.47%, and Mobox (MBOX) recorded a decrease of 10.94%.
Meanwhile, Curve’s CRV token, which is still grappling with the aftermath of a recent hack, further declined by 4.81% this week.
DeFi TVL Reaches Almost $42 Billion on Sunday
Despite the varied performance of tokens, the total value locked (TVL) in DeFi stood at $41.94 billion as of Sunday, narrowly staying above the significant $40 billion mark.
Topping the list in terms of TVL is Lido Finance, with an imposing $15.11 billion locked in its liquid staking protocol.
Next in line, based on TVL, are Makerdao, Aave, Uniswap, and Tron’s Justlend protocol.
Among the 202 blockchain platforms, Ethereum stands out, commanding a dominant 58% of the TVL market, translating to $24.38 billion.
Other notable platforms include Tron, BSC, Arbitrum, Polygon, Optimism, Avalanche, Mixin, Solana, and Cronos. Specifically, Tron holds a 13.31% share of the TVL market, accumulating to $5.56 billion as of Sunday morning.
Moreover, a staggering 10.89 million Ether, worth around $20.252 billion, is presently locked across 23 specific liquid staking DeFi platforms associated with Ethereum.
Interestingly, these platforms represent almost half, precisely 48.28%, of the total $41.94 billion TVL in DeFi spanning the 202 platforms.
This uptick in DeFi TVL coincides with a series of positive developments in the sector.
Just last week, the payment behemoth PayPal revealed its plans to introduce its PYUSD stablecoin shortly.
This stablecoin, pegged to the dollar, is being issued by Paxos, a renowned blockchain infrastructure company previously responsible for the Binance USD (BUSD) stablecoin.
In tandem, Coinbase announced the debut of its Ethereum (ETH) layer-2 scaling solution, dubbed Base. This platform seeks to empower developers to craft their own crypto-centric applications, diversifying Coinbase’s revenue avenues beyond its primary trading operations.
