Total value locked in DeFi projects hits record high
If we look at the data gathered by the aggregator DeFi Pulse, we see that the symbolic threshold of 100 billion dollars was reached yesterday. As a reminder, the total locked value, or TVL, corresponds to the funds that are blocked in the various protocols of the sector. It is widely regarded as an indicator of the health of the field of decentralized finance, and of investor interest.
The total locked-in value had almost hit that threshold by early September, before market hesitation pushed it back down. But since the beginning of October, the progression has been clear:
Source: DeFi Pulse
The DeFi Aave project takes first place in terms of total locked-in value, with $ 17.7 billion. It is followed by Maker ($ 15.9 billion) and Curve Finance ($ 14.4 billion).
Source: DeFi Pulse
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Stablecoins are on the rise
Stablecoins are fueling the DeFi ecosystem, and they are also on the rise in recent weeks. The largest of them, Tether (USDT) thus reached a record in terms of capitalization yesterday. Almost 70 billion USDT are now in circulation.
Its great rival the USD Coin (USDC) is no exception. Circle’s stablecoin is approaching its record capitalization of $ 33 billion, reached ten days ago.
All of this reflects the enthusiasm for the global cryptocurrency industry, which is particularly noticeable in recent days. Yesterday Bitcoin (BTC) hit a new all-time high at over $ 65,000. Its breakthrough is therefore logically reflected in other areas, and this should continue if the queen of cryptocurrencies continues to soar.
👉 To read – Solana’s (SOL) decentralized finance (DeFi) projects raise millions of dollars
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.