Total Value Locked in DeFi Surpasses USD 57 Billion
The total value locked (TVL) in decentralized finance (DeFi) protocols increased from USD 37.46 billion on October 20, 2023, to USD 57.74 billion over the past 93 days, according to data shared by defillama.com. 57.3% of the total value in DeFi is on the Ethereum blockchain, while Lido’s liquid staking protocol accounts for 40.21% of this aggregate.
54% Increase in TVL in DeFi Protocols
The total value (TVL) locked in decentralized finance (DeFi) protocols has increased significantly in 2024 in comparison to the previous year. The total value locked (TVL) has registered a surge of 54.13% since October 20, 2023, to an impressive USD 57.74 billion. Lido is the largest protocol in terms of TVL, climbing by 10.66% since last month, valued at USD 23.22 billion.
The second-largest DeFi protocol, Maker, has registered a dip of 1.52% over the last 30 days, with its TVL valued at USD 8.41 billion. Aave (USD 7.22B), Justlend (USD 6.09B), and Uniswap (USD 4.34B) are among the top five DeFi protocols in terms of TVL size. Aave has witnessed an uptick of 10.34% in TVL over the past 30 days, while Justlend has declined by 9.43% during the same period.
Uniswap has recorded significant growth among the top five, with its TVL rising by 78.56% since last month. Four of the five DeFi applications are on the Ethereum blockchain, except Justlend, which is a Tron-based protocol. Ethereum is the leader of the DeFi segment, commanding 57.3% of the aggregate TVL, amounting to USD 33.10 billion. Tron is the second-largest chain by TVL size, valued at USD 7.86 billion.
Binance Smart Chain (BSC) with USD 3.50 billion, Arbitrum with USD 2.64 billion, and Solana with USD 1.38 billion follow behind Ethereum and Tron. Solana registered the biggest monthly increase, with an increase of 38.52%. Ethereum followed with an increase of 10.57% since last month. Tron is the only blockchain that has witnessed a 5.44% decline over the past month. Besides the top five, the MANTA and APT chains have registered significant gains.
Securing Over USD 20 Billion in 3 Months
Despite registering robust growth since October 2023, TVL has witnessed a decline since January 10, 2024. The slowdown in the sector can lead to uncertainties about the sustainability of the current growth trend in DeFi. However, the cumulative growth in the sector has added USD 20.28 billion in value over the last 93 days.
What is your take on the state of DeFi in 2024? Please share your thoughts and opinions in the comments section below.
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