Value Locked in Defi in 2023 Remains Above $40B but Stagnates Below $50B
In the first half of 2023, the decentralized finance (defi) landscape has been pretty lackluster, with the value locked in the sector staying stagnant. Right now, on Monday, July 17, 2023, the total value locked (TVL) is at $44.19 billion, according to defillama.com metrics.
Main Breakdowns:
- Lido Finance secures $14.78 billion, accounting for 33.45% of the TVL
- Other prominent players in defi include Aave ($5.88B), Makerdao ($5.47B), Uniswap ($3.78B), and Justlend ($3.69B)
- The TVL has consistently stayed below $50 billion throughout the year, except for a period in April
- The TVL hit its lowest point in 2023 at $40.9 billion in June, but has stayed above $40 billion
- After the recent Ripple ruling, the TVL approached $46 billion but has since declined
The recent market fluctuations have seen some interesting movements. Solana (SOL) has actually gone up by 21.5% against the U.S. dollar in the last week. Cardano (ADA) has also made some strides, rising by 6.4% during the week. Polygon (MATIC) has defied the market downturn, surging by 3.7%. Ethereum (ETH) experienced a minor setback of 0.5%, while Binance Coin (BNB) declined by 1.4%.
Out of the total value locked, Ethereum-based defi protocols accounted for a significant 58.47%, surpassing $25 billion. Tron takes the second spot with 12.83% or $5.65 billion in TVLs.
Hot Take:
The defi sector has been struggling to break free from its stagnation, but there are some positive movements in specific cryptocurrencies. It’s important to keep an eye on Solana, Cardano, Polygon, and Ethereum as they navigate the market fluctuations. Ethereum-based defi protocols continue to dominate in TVL, showing the strength of the Ethereum blockchain in this space.
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