DeFi
Defi TVL hits 2-year high amid market-wide bull run
Total decentralized finance (challenge) Total value locked (TVL) is currently seeing an impressive increase as the broader cryptocurrency market gains bullish momentum.
According to data provided by Defi Llama, the total defi TVL increased by 9.1% in the last 24 hours and stands at $105.63 billion at the time of writing. Notably, this is the first time since May 11, 2022 that the market value of the challenge has exceeded the $100 billion mark.
TVL Challenge | Source: Lama Challenge
With the current rally, 51 of the total 52 challenge protocols that have a TVL more than 500 million dollars circulate in the green zone.
Marinade is the only defi protocol among the top 52 to post losses over the past day – with its TVL down 5.4%, hovering at $1.66 billion, according to Defi Llama.
The TVL of the leading defi protocol, Lido Finance, increased by 17.5% in the last 24 hours, reaching $34.22 billion for the first time in the last six weeks.
Similarly, Coinbase’s Wrapped Staked ETH emerged as the top gainer with a 21.6% rally over the past day. The protocol’s TVL reached $687 million for the first time in the last two months.
The TVL Challenge rally comes as the global cryptocurrency market gains momentum. According to data According to CoinGecko, the total crypto market cap increased by 7.6% in the last 24 hours, reaching $2.74 trillion.
According to CoinGecko, global cryptocurrency trading volume in 24 hours also increased by 130%, surpassing the $170 billion mark.
Usually, high price volatility is expected when trading volume suddenly increases.
It is important to note that Bitcoin (BTC) the price too exceeds the $70,000 mark after six weeks of consolidation between $60,000 and $67,000.