The Decentralized Finance space has been gaining positive outcomes over the past few weeks due to a slight recovery in the crypto sector and other DeFi protocol developments. Two weeks since the new year started, DeFi’s TVL (total value locked) across all protocols had a significant increase of nearly 20% the highest TVL by far.
Thanks to the biggest DeFi protocols for making DeFi recover from last year’s market crash. In fact, Liquid staking protocol Lido Finance is leading the charts in the DeFi ecosystem after having the largest DeFi market share with 14.75% dominance and leaving MakerDAO behind with a share of 13.25%. Nevertheless, these protocols have been showing good performance in the market for the past few weeks.
Looking through the reason behind these significant increases in Lido Finance is the Ethereum Merge. Since then, the total ETH stake in Lido went up by 10% from 4.43 million ETH in September 2022 to over 4.8 million ETH to this day.
Aside from Lido Finance, other DeFi protocols such as Algorand have also contributed to the surge by having a 123% TVL spike over the past week. AlgoFi is also up by 121%, Folks Finance is up by 490%, Pact by 136%, and GARD has a 202% massive increase in its TVL triggering this momentum in the ecosystem.
The TVL rise seems to have given a good sign to most of the underlying DeFi tokens who have also followed the bullish trend. However, DeFi’s TVL is still very far from its all-time high in 2021.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals