According to data from defillama.com, over the past 93 days, the total value locked (TVL) in decentralized finance (defi) protocols has increased from $37.46 billion on October 20, 2023 to $57.74 billion today. Specifically, 57.3% of the total value in DeFi is locked on the Ethereum blockchain, with Lido’s liquid staking protocol accounting for 40.21% of this total.
TVL of Defi jump 54%
The value locked in decentralized finance (defi) protocols will increase significantly in 2024 compared to the previous year. It has surged 54.13% since October 20, 2023, reaching an impressive total value locked (TVL) of $57.74 billion. Lido stands out as the largest protocol in terms of TVL, up 10.66% from last month and now stands at $23.22 billion.
Maker, the second-largest DeFi protocol after Lido, experienced a slight decline of approximately 1.52% over 30 days, with a TVL of approximately $8.41 billion at the time of reporting. The top five DeFi protocols by TVL volume also include Aave ($7.22 billion), Justlend ($60.9 billion), and Uniswap ($43.4 billion). Aave has seen its TVL increase by 10.34% over the past 30 days, while Justlend has seen its TVL decrease by 9.43%.
However, Uniswap recorded the most notable growth among the top five companies, with its TVL rising 78.56% since last month. Four of these DeFi applications are built on the Ethereum blockchain, with the exception of Justlend, a Tron-based protocol. Ethereum continues to lead the Defi space, accounting for 57.3% of total TVL worth $33.1 billion. Tron is valued at $7.86 billion, making it the second largest chain by TVL size.
Ethereum and Tron were followed by Binance Smart Chain (BSC) with $3.5 billion, Arbitrum with $2.64 billion, and Solana with $1.38 billion. Solana recorded the largest monthly gain in 30 days, up 38.52%. Ethereum followed suit, rising 10.57% compared to last month. Tron was the only blockchain to decline over the past 30 days, after wiping 5.44% over the past month. Aside from the top five chains, notable chains that showed significant TVL growth were SUI, MANTA, and APT.
As the DeFi landscape evolves, there is still uncertainty about its future trajectory. Despite the strong growth pattern in TVL that became evident after October 2023, a noticeable deceleration occurred after January 10, 2024. This slowdown may raise doubts about the sustainability of the current growth trend in Defi. Whether this burgeoning sector can maintain its momentum remains an open question, but so far growth has added $20.28 billion in value over the past 93 days.
What do you think about the state of DeFi in 2024? Share your thoughts and opinions on this topic in the comments section below.
Source: Bitcoin.com