Amid the recent gains in the crypto economy, the total value (TVL) in decentralized finance, or defi protocols, has risen above the $40 billion threshold. This is after remaining below that level since mid-August. The top 100 defi coins by market capitalization are just under the $50 billion mark.
The Defi market bounces back as TVL reaches $41.42 billion
As of October 23, TVL has surpassed $40 billion in defi. As of Thursday, it stands at $41.42 billion, according to defillama.com. All ten of TVL’s leading defi protocols posted double-digit gains in the past week.
Summer Finance and Aave lead the way with gains of more than 20% during this period. Other major winners include Rocket Pool and Lido Finance. The TVL was last near this level in defi on August 15, 2023.
Over a 30-day period, nine of the top ten defi protocols, as measured by TVL size, posted gains. However, Uniswap posted a monthly loss of 15.94%. The main gainers this month were Aave and Justlend, each gaining about 17.15%.
Of the $41.42 billion total, $20.62 billion is in Ethereum or ETH liquid staking protocols. This represents 49.78% of the current TVL in defi, coming from Ethereum’s liquid staking market. Furthermore, four of the top ten defi protocols focus on lending.
Although the TVL in defi has shown improvement, the top 100 defi coins are valued at $49.95 billion. In the last 24 hours, these defi tokens have reached a global trading volume of $41.97 billion. Of the top ten, chainlink, or LINK, saw the biggest gain this week, rising 43.1% against the US dollar.
Lido’s DAO token, LDO, rose 22%, and Injective, or INJ, rose 37.7%. Tokens such as SURE, TRB, BOND and KWENTA also saw notable gains over the past week. Conversely, STPT, BNT, NRV and RBN suffered losses ranging from 4% to 13%.
In total, 17 coins from the top 100 defi coins posted losses this week, despite the broader uptrend in the crypto market.
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