The decentralized finance (DeFi) whole worth locked (TVL) has reached 22-month highs because the broader crypto market witnessed a notable surge.
In line with knowledge supplied by Defi Llama, the worldwide DeFi TVL elevated by $27.6 billion since Feb. 1 — rising from $59.44 billion to $87.12 billion on the time of writing — a stage not seen since Might 2022.
Defi TVL – Feb. 27 | Supply: Defi Llama
Following the rise, the TVL of the main defi protocol, Lido Finance, noticed its worth enhance by 4% over the previous 24 hours. Per Defi Llama, Lido Finance’s TVL is at present hovering at $31.87 billion adopted by AAVE with a TVL of $9.24 billion.
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Per a report on Feb. 26, Lido Staked Ether (stETH) overtook XRP’s market cap to turn into the sixth-largest cryptocurrency. stETH’s market cap is at present sitting at $31.27 billion.
It’s necessary to notice that the Ethereum blockchain is dominating the defi scene with a world TVL of $50.44 billion, in keeping with Defi Llama. Protocols on Ethereum (ETH) have accrued virtually $15 million in charges over the previous 24 hours, knowledge exhibits.
The surge within the defi TVL comes as the worldwide crypto market capitalization recorded a 7.1% surge previously 24 hours. In line with knowledge supplied by CoinGecko, the whole cryptocurrency market cap is standing at $2.23 trillion on the time of writing.
Furthermore, the whole each day buying and selling quantity aggregated from all digital currencies listed on CoinGecko is hovering round $134.91 billion.
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