Defi Resurgence: $45 Billion Market Cap Achieved Amidst Mixed Performance in Top Tokens
As of Sunday, August 13, 2023, the defi token market is worth $45.08 billion with approximately $1.8 billion traded in 24 hours. This represents a daily increase of 6.17%, and the trade volume has risen by 6.39%. Chainlink (LINK) emerged as one of the top gainers this week among the ten leading defi tokens, with its value jumping by 5.14% within a week’s time. Nonetheless, coins such as synthetix (SNX) and injective (INJ) slipped between 2.70% and 3.36% over the previous week.
Main Breakdowns:
- The defi token market is currently valued at $45.08 billion.
- Chainlink (LINK) experienced a 5.14% increase in value over the past week.
- Synthetix (SNX) and Injective (INJ) saw a decrease in value, slipping between 2.70% and 3.36%.
- Ellipsis (EPS) rose by 129% over the past week, while Thorchain (RUNE) climbed by 49.29%.
- Persistence (XPRT) and Mobox (MBOX) suffered declines of 12.47% and 10.94% respectively.
While defi tokens experienced growth in the past day, defi’s total value locked (TVL) reached $41.94 billion on Sunday, August 13.
Main Breakdowns:
- The total value locked (TVL) in defi reached $41.94 billion.
- Lido Finance has the highest TVL size at $15.11 billion in its liquid staking protocol.
- Ethereum dominates with over 58% of the TVL, amounting to $24.38 billion.
- Tron has a 13.31% market share with a TVL of $5.56 billion.
Lastly, 23 defi protocols built on Ethereum’s liquid staking account for nearly half (48.28%) of the entire $41.94 billion locked in defi this weekend, with 10.89 million ether stashed.
Main Breakdown:
- 23 defi protocols on Ethereum account for 48.28% of the total locked in defi, worth $20.252 billion.
Hot Take: The defi market continues to show resilience and growth, with significant increases in market cap and trade volume. While some tokens experienced declines, others saw substantial gains. Ethereum remains the dominant platform in the defi space, with a majority share of the TVL. Overall, the future of defi looks promising as it attracts more value and attention from investors.
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