Decentralized finance (DeFi) protocols have experienced a surge in value as the broader crypto market rebounds. Data from DefiLlama reveals that the global DeFi TVL has reached $87.3 billion, a level last seen on August 27. However, the weekly trading volume has declined by 2.2% in the past week, currently standing at $23 billion.
It is worth noting that the DeFi TVL dropped to $75 billion on September 7, marking its lowest point since late February.
In the past week, the top 10 leading DeFi protocols have all shown bullish momentum. Lido’s TVL surpassed $25 billion after a 13% increase in seven days. AAVE also experienced a similar movement, with its TVL reaching $12.4 billion. EigenLayer secured the third spot with a TVL of $12.2 billion.
Furthermore, the native tokens of the top two protocols, Lido DAO (LDO) and Aave (AAVE), saw a rise of 1.5% and 7.8% respectively in the past 24 hours. LDO is currently trading at $1.15, while AAVE has surpassed $170.
Ethena lost its 10th spot to Pendle after its TVL decreased by 3% over the past week.
Despite the recent gains, the total value locked in DeFi remains over 50% lower than its peak in November 2021, when it reached nearly $188 billion.
In the broader cryptocurrency market, the market capitalization has risen from $2.14 trillion to $2.31 trillion in the past week, according to data from CoinGecko. The majority of these gains were recorded on September 18, following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points.