The Surge in TVL in Defi
The value locked in decentralized finance (defi) protocols has seen a significant surge in 2024 compared to the previous year. In the past 93 days, the total value locked (TVL) in defi has increased by 54.13%, reaching a remarkable $57.74 billion. The largest protocol in terms of TVL is Lido, which has grown by 10.66% since last month, now totaling $23.22 billion.
Top Defi Protocols by TVL
Aside from Lido, other notable defi protocols include Maker, Aave, Justlend, and Uniswap. Maker has experienced a slight dip of about 1.52% over 30 days, with a TVL of approximately $8.41 billion. Aave, on the other hand, has seen a 10.34% increase in TVL, reaching $7.22 billion. Meanwhile, Justlend has decreased by 9.43% to $6.09 billion, and Uniswap has witnessed a significant growth of 78.56% in TVL since last month.
Ethereum Dominance in Defi
Among the top five defi applications, four are built on the Ethereum blockchain, with Justlend being the only exception as a Tron-based protocol. Ethereum continues to lead the defi space, commanding 57.3% of the aggregate TVL, amounting to $33.10 billion. Tron follows with $7.86 billion in value, making it the second-largest chain by TVL size.
Other Growing Chains in Defi
After Ethereum and Tron, Binance Smart Chain (BSC) has a TVL of $3.50 billion, followed by Arbitrum with $2.64 billion, and Solana with $1.38 billion. Solana has seen the most significant monthly increase of 38.52%, while Ethereum has increased by 10.57% since last month. Tron, however, has experienced a reduction of 5.44% in TVL over the past month. Notable chains that have also witnessed significant TVL growth include SUI, MANTA, and APT.
Uncertainty in the Defi Landscape
Although there has been a strong growth pattern in TVL since October 2023, there has been a noticeable slowdown since Jan. 10, 2024. This raises questions about the sustainability of defi’s current growth trend. The future trajectory of the defi landscape remains uncertain, and whether it can maintain its momentum is still an open question. However, the growth over the last 93 days has added $20.28 billion in value.
Hot Take: Defi TVL Surges, but Uncertainty Lingers
Data from defillama.com reveals that over the past 93 days, the total value locked (TVL) in decentralized finance (defi) protocols escalated from $37.46 billion on Oct. 20, 2023, to the present $57.74 billion. Notably, 57.3% of the total value in defi is anchored in the Ethereum blockchain, while Lido’s liquid staking protocol accounts for 40.21% of this aggregate.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.