According to DeFi TVL aggregator DefiLlama, the decentralized finance (DeFi) market has seen impressive development, with a current market worth of over $41 billion and a considerable trading volume of around $1.6 billion during the course of the previous day.
This increase in market capitalization reflects a daily gain of almost 6% and a 6.39% rise in trading volume. Chainlink (LINK), a well-known DeFi token, has distinguished itself as a notable gainer this week, with a value rise of more over 4%.
Other DeFi currencies, meanwhile, have seen decreases during the previous week. Injective (INJ) and Synthetix (SNX) both had declines of 3.36% and 2.80%, respectively.
Diverse performances have been seen in the world of tiny DeFi tokens. Notably, Thorchain (RUNE) increased by 49.29%, while Ellipsis (EPS) had an astounding jump of 129% in the previous week. Mobox (MBOX) and Persistence (XPRT), on the other hand, had decreases of 12.47% and 10.94%, respectively. This week saw yet another drop of 4.81% for Curve’s CRV token, which is currently recuperating from a previous hacking event.
Aiming for $42 billion, DeFi TVL
The total value locked (TVL) in DeFi came very near to $42 billion on Sunday, just avoiding going below the $40 billion threshold despite changes in token pricing. Lido Finance, which has an amazing $15.11 billion in their liquid staking protocol, is the leader in the TVL category. Based on their TVL, Makerdao, Aave, Uniswap, and Tron’s Justlend protocol occupy the top rankings after Lido.
With a market share of over 58% and a value of $24.38 billion, Ethereum leads the TVL market. With a market share of 13.31% and a total value of $5.56 billion, Tron comes in second.
The sizeable quantity of Ether held in multiple liquid staking DeFi technologies connected to Ethereum is an interesting development. 10.89 million Ether, or $20.252 billion, or 48.28% of the $41.94 billion TVL in DeFi across all 202 blockchain networks, make up this sum.
DeFi TVL Rise Amid Favorable Sector News
A number of encouraging industry announcements and the increase in DeFi TVL occur at the same time. PayPal, a major player in payments, has announced its intentions to launch the PYUSD stablecoin. Additionally, Coinbase unveiled Base, a layer-2 scaling solution for Ethereum (ETH), with the intention of diversifying its income sources outside its core trading operation by empowering developers to build their own cryptocurrency apps.