The decentralized finance (defi) sector is experiencing a significant uptick in total value locked (TVL) as the overall cryptocurrency market shows bullish momentum.
As per data from Defi Llama, the total defi TVL has surged by 9.1% in the last 24 hours, currently standing at $105.63 billion. This marks the first time since May 11, 2022, that the defi market has surpassed the $100 billion milestone.
A staggering 51 out of the total 52 defi protocols with a TVL exceeding $500 million are currently in positive territory. The only exception is Marinade, which saw a 5.4% decrease in TVL, now at $1.66 billion, according to Defi Llama.
The leading defi protocol, Lido Finance, saw an impressive 17.5% increase in TVL within the last day, reaching $34.22 billion for the first time in six weeks. Similarly, Coinbase’s Wrapped Staked ETH emerged as the top performer with a 21.6% rally, pushing its TVL to $687 million for the first time in two months.
The surge in defi TVL coincides with a broader uptrend in the global cryptocurrency market. Based on data from CoinGecko, the total crypto market cap rose by 7.6% in the past 24 hours, hitting $2.74 trillion. Additionally, global crypto trading volume surged by 130%, exceeding $170 billion.
Increased trading volume often leads to heightened price volatility. Notably, Bitcoin (BTC) broke through the $70,000 mark after consolidating between $60,000 and $67,000 for six weeks.
In related news, Grayscale CEO Michael Sonnenshein has stepped down as spot BTC ETF inflows rebound.