You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Expert Take: Rising DeFi TVL is Silencing the Doubters

With the rise in Total Value Locked (TVL), DeFi is once again garnering increased interest, according to industry insiders. They assert that DeFi remains robust and poised for further expansion, predicting an exciting year ahead for the sector in 2024.

DeFi is Resilient, TVL On The Rise

The total value locked in decentralized finance (DeFi) has exceeded $80 billion for the first time since the notable collapse of the Terra stablecoin almost two years ago.

Based on DefiLlama data, the TVL currently stands at $90.113 billion, a level last observed in May 2022. The upward trend began around October 2023, gaining momentum notably in January 2024.

During the period from October 28, 2023, to February 28, 2024, the TVL surged by 108.3%.

Timo Lehes, co-founder of the blockchain platform Swarm Markets, remarked that the end of the Crypto Winter has instilled a surge in investor confidence, which is evidently influencing the DeFi market. He anticipates this upward trajectory to persist, particularly if the prices of established crypto assets continue to climb.

Lehes pointed out that the DeFi sector is subject to fluctuations in the broader market, akin to most other industries. Nonetheless, the recent surge in DeFi demonstrates its resilience.

Moreover, DeFi projects have collectively added over $42 billion in assets in recent months, countering skeptics’ doubts, according to Lehes.

Consequently, he predicts that DeFi will experience both numerical and substantive growth in the forthcoming years.

Plenty to Be Excited About

Barney Mannerings, a prominent DeFi expert and Founder of Vega Protocol, a decentralized exchange specializing in futures and perpetuals, highlighted the resurgence of interest in DeFi.

In a statement provided, Mannerings emphasized the emergence of a fresh wave of experimentation and innovation within the sector. He attributed this trend to the introduction of new primitives to the network, particularly centered around Ethereum’s staking and yield functionalities.

Furthermore, Mannerings noted that the recent upsurge in the crypto market is being reinvested into protocols, a common occurrence as a bear market transitions to a bullish phase. He highlighted the significant rise of Ethereum (ETH), which many speculate could be integrated into a new spot exchange-traded fund (ETF), as a factor intensifying this trend.

Moreover, Mannerings pointed out the impressive performance of Ethereum Layer-2 solutions such as Mantle and Gnosis in the past week, indicating growth in intriguing areas beyond the mainstream.

According to a report earlier this month by wealth management firm Bernstein, Ethereum has been identified as the only digital asset, apart from Bitcoin, that may secure approval for a spot ETF.

Furthermore, recent price surges in Ethereum (ETH) have been attributed to heightened activity from United States investors. A key driver behind these increases is the anticipation of approvals for spot Ethereum ETFs.

In addition to this, the notable growth of innovative DeFi primitives such as Pendle is adding further excitement to the market, according to the Founder.

With the emergence of modern derivatives exchanges like Vega, the outlook for DeFi appears particularly promising. As we look ahead to 2024, it promises to be an intriguing time for DeFi, with much anticipation for what lies ahead.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024By
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024By
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024By

Latest news

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024
HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments
20.04.2024
Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters
20.04.2024
Japan’s SBI Group Plans to Issue NFTs Built on XRP Ledger for World Expo 2025 in Osaka
20.04.2024
Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
20.04.2024
Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat
20.04.2024
Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report
20.04.2024
Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’
18.04.2024