DeFi TVL Surges Above $41 Billion as Chainlink (LINK) Rises
The total value locked (TVL) in DeFi projects has experienced a resurgence, surpassing $41 billion and indicating a daily rise of around 6%. Chainlink (LINK) has emerged as one of the biggest winners of the week with a more than 4% increase in value. However, Synthetix (SNX) and injective (INJ) have slipped by 2.70% and 3.36% respectively. Among smaller DeFi tokens, Ellipsis (EPS) witnessed a remarkable rise of 129% while Persistence (XPRT) plummeted by 12.47% and Mobox (MBOX) suffered a decline of 10.94%. Curve’s CRV token fell by an additional 4.81% this week.
DeFi TVL Reaches Almost $42 Billion on Sunday
Despite fluctuations in token performance, the TVL in DeFi reached $41.94 billion on Sunday, narrowly avoiding falling below the $40 billion threshold. Leading the pack in TVL size is Lido Finance with $15.11 billion in its liquid staking protocol. Ethereum dominates with over 58% of the TVL market share, amounting to $24.38 billion. Tron’s TVL commands a 13.31% market share, with a combined value of $5.56 billion.
10.89 Million Ether Locked in Ethereum-Based DeFi Protocols
An astonishing 10.89 million Ether, equivalent to $20.252 billion, is locked in 23 distinct liquid staking DeFi protocols related to Ethereum. These protocols account for nearly half (48.28%) of the entire $41.94 billion TVL in DeFi across all 202 blockchain networks.
Good News for DeFi Industry
The rise in DeFi TVL comes amid a surge in positive developments within the industry. PayPal announced the upcoming launch of its PYUSD stablecoin, and Coinbase introduced its Ethereum layer-2 scaling solution called Base, aiming to expand revenue streams beyond its core trading business.
Hot Take
The resurgence of DeFi TVL and the rise of Chainlink indicate the continued growth and interest in the crypto industry. With major players like PayPal and Coinbase making significant moves, it is clear that the DeFi space is attracting attention and investment.
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