DeFi TVL surpasses $90b for the first time in 3 months

crypto.news · 2024-10-31T00:21:32+00:00

DeFi TVL has surpassed $90 billion for the first time since August, with the top five protocols witnessing gains. DeFi token market cap also rose by 0.4% over 24 hours, with Lido Staked Ether leading the category. The surge could be attributed to BTC trading above $72,000.

crypto.news

2024-10-31 00:21:32

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The decentralized finance total value locked surpassed the $90 billion mark for the first time since August.

According to data provided by DeFi Llama, the total DeFi TVL is currently sitting at $90.23 billion with a trading volume of $7.13 billion

The surge comes as the leading five protocols register gains. Lido, the leading liquid staking platform, saw its TVL rise by 0.4% in the past 24 hours, reaching $25.8 billion. It generated a revenue of $6.74 million—with $67.4 million in fees—over the past month.

The TVL of the top lending protocol, AAVE, increased by 1.9% and surpassed the $14 billion mark.

EigenLayer, ether.fi and Maker also registered mild gains, with their TVLs reaching $11.2 billion, $6.5 billion and $6.1 billion, respectively.

DeFi tokens gain momentum

With the rise of the DeFi TVL, the tokens in this sector also gained upward momentum

According to data from CoinGecko, the total market capitalization of DeFi-related crypto assets increased by 0.4% in the past 24 hours, reaching $78 billion—showing a 3.1% dominance over the global crypto market cap.

Its daily trading volume is currently at $4.8 billion.

The Lido Staked Ether (STETH) is leading the category with a $25.7 billion market cap.

The rise of the DeFi TVL and market cap comes as the broader cryptocurrency market builds on Bitcoin’s (BTC) bullish momentum. BTC surpassed the $72,000 mark, triggering a market-wide fear of missing out, also called FOMO

This pushed the global crypto market capitalization above the $2.5 trillion mark for the first time since late July.

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