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DeFi nears $100 billion TVL as crypto market surges

DeFi nears $100 billion TVL as crypto market surges

GrafaGrafa2024/11/08 04:00
By:Liezl Gambe

Decentralised finance (DeFi) is on the verge of hitting $100 billion in total value locked (TVL) as the crypto market experiences an upward trend.

As of Thursday at 11 a.m. ET, the TVL in DeFi protocols sits at $94.491 billion, just $5.509 billion short of the significant milestone.

The top DeFi protocols leading this surge include Lido with $27.507 billion, Aave at $14.964 billion, and Eigenlayer with $11.906 billion in TVL, each achieving double-digit growth over the past month.

This increase in TVL reflects strong momentum in DeFi and smart contract token values, with Ethereum (CRYPTO:ETH) rising over 10% and Solana (CRYPTO:SOL) up by 12% this week alone.

Other major tokens also saw gains: ADA (CRYPTO:ADA) rose 9%, AVAX (CRYPTO:AVAX)  increased by 7.7%, LINK (CRYPTO:LINK) climbed 4.7%, while sui (CRYPTO:SUI) and gnosis (CRYPTO:GNO) surged by 16% and 22.5%, respectively.

The market cap of smart contract-based cryptocurrencies now stands at $638.12 billion as of November 7, 2024, reflecting a 13.8% increase.

Ethereum dominates the DeFi space with over 55% of the TVL, followed by Tron at 7.1%, Solana at 7.03%, and Binance Smart Chain at 4.9%. Additionally, Bitcoin (CRYPTO:BTC) contributes 3.14% to the DeFi TVL, highlighting the diversity in blockchain participation.

As DeFi approaches this $100 billion benchmark, it underscores DeFi’s expanding role within the financial ecosystem, attracting substantial interest in decentralised financial solutions.

The growth of DeFi across multiple blockchains shows a balanced ecosystem, with no single protocol monopolising the space, fostering resilience and security.

This diversified infrastructure could help DeFi become a more competitive and essential component of global finance, solidifying its place in the evolving digital economy.

At the time of reporting, Ethereum price was $2,915,62.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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