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Crypto News

Ethereum Dominates As Total Value Locked In DeFi Soars Above $50 Billion

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

ethereum total value locked

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After dropping below the range for the majority of March, the total value locked (TVL) in decentralized finance (DeFi) has risen beyond $50 billion. Currently, the value of DeFi is roughly $50.34 billion, an increase of 1.97% over the previous day.

DeFi TVL Rises By Nearly 2%, Reaches $50 Billion

On Wednesday, the crypto market’s value increased by 1.2% to reach $1.24 trillion, and crypto assets gained in value. The total value locked (TVL) in DeFi on the same day was $50.34 billion.

Lido Finance is currently leading the top DeFi protocols with a TVL of $10.76 billion, which has grown by 10.60% over the last seven days and 24.61% over the past month. Among the top five DeFi protocols, only MakerDAO has seen a reduction in TVL by 1.29%. On the other hand, Aave, Curve, and Uniswap have seen increases, with Curve leading the pack with a 13.62% jump.

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The surge in DeFi has largely been driven by the growth in market capitalization of smart contract platforms, which has risen by 3.6% in the last day to reach $357 billion. The top five tokens in this category have all experienced value growth in the past week, except for Polygon (MATIC), which has dropped by 3.9%. 

In terms of the TVL distribution across blockchains, Ethereum holds the majority share of $50.34 billion, with over 59% and a total value of $29.71 billion. Tron follows with $5.35 billion, then BSC with $5.1 billion, Arbitrum with $2 billion, and Polygon with $1.07 billion.

The leading liquid staking protocol for Ethereum is Lido, while for Tron, it is Neopin Staking; for BSC, it is Ankr; for Arbitrum, it is Tenderize; and for Polygon, the top staking protocol is Thunderpokt.

Liquid staking protocols currently hold 7,843,929 ETH worth $14.29 billion on Ethereum, with Lido leading the way. Coinbase ($2.15B), Rocketpool ($805.53M), Frax ($224.22M), Stakewise ($158.34M), and Stakehound ($118.85M) follow behind. Among the top five bridges ranked by TVL are WBTC, Justcryptos, Multichain, Poly Network, and Portal.

Notwithstanding the recent Fed rate hike and the 3.4% decline in bitcoin (BTC), the TVL in DeFi has managed to maintain just above the $50 billion mark at $50.08 billion.