Total value locked (TVL) in the decentralized finance (DeFi) sector surged last month, according to cryptocurrency intelligence platform DappRadar.
TVL represents the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of the cryptocurrency ecosystem.
In a new monthly analysis, DappRadar revealed that total TVL in the DeFi sector increased to $159 billion in February, up 45% from the previous month. This also represents the highest level of TVL recorded in the sector since May 2022.
DappRadar believes that the cryptocurrency sector is currently only in the “early stages” of a bull market.
“Traditional indicators of market peaks, such as the Coinbase app topping Apple’s AppStore charts, cryptocurrency advertising gaining traction during the Super Bowl, or widespread retail fear of missing out (FOMO), have not yet emerged.
Despite these speculative aspects, the core technologies and solutions offered by DeFi are truly promising and have enormous potential to fundamentally transform the financial system. We are excited to see what unfolds next in the DeFi sector as we continue to solve and deliver groundbreaking solutions to existing financial problems.”
The cryptocurrency intelligence platform also notes that the non-fungible token (NFT) sector did not witness the same kind of growth as DeFi in February. Monthly NFT trading volume was $1.32 billion, down 14% from January.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney