DeFi
Ethereum boom fuels DeFi token growth
The main DeFi token for market capitalization is to have access to a market increment 14.8% in the last day, in the best value of Ethereum.
On the other hand, the total value locked (TVL) in DeFi protocols exceeded $100 billion in the last 24 hours. Let’s see all the details below.
Double-digit gains for major DeFi tokens as Ethereum stands out in the market
As expected, major DeFi tokens are capitalizing on the current Ethereum sharp rise, as the second largest crypto asset recorded a 22% increase over the past day.
Currently, the DeFi token market is valued at $101.76 billion, an increase of 14.8% from yesterday. According to Coingecko, the ratio between DeFi and ETH on May 21, 2024 will be 22.4%.
During the last 24 hours, Pool (LDO) saw the largest increase among DeFi tokens, rising by 36.6%, followed by Redacted (BTRFLY) which marked an increase of +31%.
Currency rebound (AUCTIONS) increased by 28.5%, meanwhile Renzo (REZ) saw an increase in statunitense dollar income of 28.7%.
Among the top five DeFi tokens by market capitalization, Uniswap (UNI) leads with a 23.6% increase in the last 24 hours. Other significant gains included GRT, which rose 11.4%, and MAKER, which saw an increase of 13.6%.
In other words, more than two dozen DeFi tokens saw double-digit increases against the US dollar. THE cryptocurrency The DeFi market recorded a trading volume of $7.65 billion out of a global volume of $205.67 billion.
Record volumes and TVL through the roof
The highest volumes were recorded by LINK, ENA, PYTH, RUNE and UNI. Additionally, the total value locked (TVL) in DeFi on May 21 exceeded $100 billion.
According to Defillama.com, the TVL held in DeFi protocols on Tuesday is $106.01 billion. Lido Finance showed the largest daily change among the top five protocols, with an increase of 22.26%.
Of the $106.01 billion, the Lido TVL accounts for $35.24 billion. The Eigenlayer Replenishment Protocol saw a 19.55% increase. An estimated $22.29 billion is locked up on decentralized exchanges (DEXs).
DEX apps have also seen a significant increase in trading volume over the past day. Volume leaders include Uniswap, Jupiter, Pancakeswap, Curve, Balancer, Raydium and Orca.
Uniswap recorded $3.16 billion in trading volume over the past day, Jupiter $1.10 billion, and Curve $686 million over the past 24 hours. Additionally, DEX trading volume increased by 137.8% in the last 24 hours.
The rapid rise of Ethereum has sparked a renaissance in the DeFi sector, pushing tokens and protocols to new heights. This collective uptrend highlights the growing demand in the trustless financial services sector.
With increasing transaction volumes and continued growth of TVL, the DeFi ecosystem is gradually moving closer to unprecedented levels recorded in November 2021.