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Value Locked in Defi Rises Above $50 Billion Mark, Ethereum Dominates TVL by Blockchain

News Feed - 2023-03-23 05:03:25

Value Locked in Defi Rises Above $50 Billion Mark, Ethereum Dominates TVL by Blockchain


The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below the range throughout most of March. At present, the value locked in defi is approximately $50.34 billion, up 1.97% over the past 24 hours. Defi Value Swells Close to 2% Higher to Over $50 Billion


With crypto assets swelling in value and the crypto economy rising 1.2% to $1.24 trillion, the total value locked (TVL) in defi on Wednesday was $50.34 billion. The defi platform Lido Finance dominates the top defi protocols with $10.76 billion, up 10.60% in seven days and up 24.61% over the past month. Makerdao’s TVL is the only defi protocol out of the top five that has seen a TVL reduction of 1.29%. Aave, Curve, and Uniswap have seen increases with Curve jumping ahead by 13.62%. Defi TVL according to defillama.com stats on March 22, 2023.


Most of the rise in defi has stemmed from the smart contract platform market capitalization rising 3.6% over the last day to $357 billion. The top five smart contract tokens have increased in value over the last week except for polygon (MATIC), which is down 3.9% over the past seven days. In terms of TVL by blockchain, Ethereum dominates the $50.34 billion by more than 59% with a total of $29.71 billion. Ethereum is followed by Tron ($5.35B), BSC ($5.1B), Arbitrum ($2B), and Polygon ($1.07B).


As far as liquid staking, the top protocol on Ethereum is Lido, on Tron it’s Neopin Staking, on BSC it’s Ankr, on Arbitrum the top liquid staking app is Tenderize, and the top staking protocol on Polygon is Thunderpokt. For Ethereum, there’s 7,843,929 ETH worth $14.29 billion locked into liquid staking protocols today, with Lido dominating the pack. Behind Lido is Coinbase ($2.15B), Rocketpool ($805.53M), Frax ($224.22M), Stakewise ($158.34M), and Stakehound ($118.85M). The top five bridges, as far as TVL is concerned, include WBTC, Justcryptos, Multichain, Poly Network, and Portal.


At 3:30 p.m. (ET) on March 22, 2023, after the recent Fed rate hike and bitcoin (BTC) dropping 3.4%, the TVL in defi has managed to remain just above the $50 billion range at $50.08 billion. Tags in this story Ankr, Arbitrum, Blockchain, Bridges, BSC, Coinbase, Cryptocurrency, decentralized finance, DeFi, Digital Assets, Dominance, Ethereum, FRAX, Justcryptos, Lido, Liquid Staking, Locked, locked-in, locked-up, locked-up value, Market Capitalization, multichain, Neopin Staking, pack, Poly Network, Polygon, portal, Protocols, Rise, Rocketpool, Smart Contract, Stakehound, Stakewise, Tenderize, Thunderpokt, tron, TVL, Value, WBTC


What do you think is driving the rise in defi and its TVL? Share your thoughts about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Lido"s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation DEFI | 2 days ago Decentralized Exchange Pancakeswap to Launch Version 3 Iteration in April DEFI | Mar 5, 2023


Image Credits: Shutterstock, Pixabay, Wiki Commons, defillama.com, Previous articleFederal Reserve Hikes Rate by 25bps to Keep Inflation at Bay, Aims for 2% Inflation Rate by 2025 Next articleSEC Sues Tron Founder Justin Sun for Market Manipulation and Offering Unregistered Securities Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


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