Pump in DeFi Tokens Market Amid Ethereum Surge
The top DeFi tokens have experienced a surge of 14.8% in the past day, coinciding with the significant increase in Ethereum’s value. At the same time, the Total Value Locked (TVL) in DeFi protocols has crossed the 100 billion dollar mark within the last 24 hours. Here’s a breakdown of the recent developments:
Main DeFi Tokens Thriving
– The main DeFi tokens are benefitting from today’s Ethereum rally, with a 22% surge in the second-largest crypto asset.
– The DeFi token market is now valued at 101.76 billion dollars, marking a 14.8% increase from the previous day.
– According to Coingecko, the DeFi to ETH ratio on May 21, 2024, is projected to be 22.4%.
– Lido (LDO) saw the highest spike among DeFi tokens at 36.6%, followed by redacted (BTRFLY) with a +31% increase.
– Moneta bounce (AUCTION) surged by 28.5%, while Renzo (REZ) witnessed a 28.7% rise against the US dollar.
– Uniswap (UNI) led the top five DeFi tokens with a 23.6% surge in the last 24 hours, followed by GRT with an 11.4% increase and MAKER with 13.6% growth.
– Over two dozen DeFi tokens experienced double-digit gains against the US dollar, with a trading volume of 7.65 billion dollars in the DeFi market out of a global volume of 205.67 billion dollars.
Record Volumes and TVL Breaks 100 Billion Dollars
– LINK, ENA, PYTH, RUNE, and UNI recorded the highest trading volumes.
– The TVL in DeFi surpassed 100 billion dollars on May 21, with Defillama.com reporting a TVL of 106.01 billion dollars.
– Lido Finance showed the most significant daily change among the top five protocols, with a 22.26% increase.
– Lido’s TVL accounts for 35.24 billion dollars out of the total TVL.
– The Eigenlayer restaking protocol saw a rise of 19.55%, with an estimated 22.29 billion dollars locked in DEX platforms.
– DEX applications, including Uniswap, Jupiter, Pancakeswap, Curve, Balancer, Raydium, and Orca, witnessed increased trading volumes.
– Uniswap recorded a trading volume of 3.16 billion dollars, Jupiter 1.10 billion dollars, and Curve 686 million dollars in the last 24 hours, with DEX trading volume surging by 137.8%.
– Ethereum’s sharp rise has reignited the DeFi sector, propelling tokens and protocols to new heights and reflecting the growing demand for decentralized financial services.
– With rising trading volumes and TVL, the DeFi ecosystem is edging closer to the unprecedented levels seen in November 2021.
Hot Take: DeFi Tokens Surging as Ethereum Leads the Pack
The primary DeFi tokens are on a roll thanks to a 14.8% spike in the past day, driven by Ethereum’s upward trend. Meanwhile, the Total Value Locked (TVL) in DeFi protocols has breached the 100 billion dollar mark. This surge underscores the resurgence of the DeFi sector and signals a growing appetite for decentralized financial solutions in the market.
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