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DeFi TVL Crosses $100B As Lido Finance (LDO) Staking Hits $38.7B

DeFi TVL surpasses $100B for the first time in 2 years, led by Lido's $38.7B, amid rising Bitcoin interest and crypto market optimism.
DeFi TVL Crosses $100B As Lido Finance (LDO) Staking Hits $38.7B

Highlights

  • DeFi TVL hits $100.1B, soaring past 2-year mark with Lido leading at $38.7B.
  • Ether staked surpasses 31M, as Bitcoin ETFs fuel market to $70K high.
  • Solana DeFi booms to $3B TVL, riding the crypto resurgence wave.

The decentralized finance (DeFi) ecosystem total value locked (TVL) has crossed the $100 billion level for the first time in nearly two years. DefiLlama’s latest data on March 9, 2024, indicate that DeFi protocols have TVL globally amounting to $100.1 billion. This revival in the DeFi space represents a significant comeback, however, it is still below the all-time high of $189 billion reached in November 2021.

The rise in TVL, however, is due to the surging interest in Bitcoin (BTC) and general optimism in the crypto market. These stats show Lido liquid staking protocol as the leader with $38.7 billion locked on-chain, followed by EigenLayer and AAVE representing substantial shares of the overall value.

In addition, according to a recent Coingape report, Ethereum ecosystem has also achieved another milestone, with the total amount of Ether staked for the first time exceeding 31 million ETH.  The Solana DeFi ecosystem, in addition, has grown rapidly, with the TVL reaching a new high of $3 billion, reflecting the growth and adoption of DeFi platforms that have diversified across different blockchain networks.

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Factors Influencing the DeFi TVL Surge

Several factors have led to the renaissance of the DeFi sector. The introduction of spot Bitcoin ETFs in January has significantly driven market optimism. These ETFs have recently enjoyed institutional demand, and Bitcoin has hit new all-time highs, breaching the $70,000 mark on March 8. Bitcoin ETFs witnessed assets jump to $28 billion, suggesting an increased appetite from institutional investors.

The effects of Bitcoin’s rally have spread in the DeFi space, with more capital flow disbursement in different protocols. Concurrently, crypto exchanges have experienced outages and a surge in trading volumes as Bitcoin surpassed the $60,000 mark. This increased activity highlights an expanding interest and involvement in the cryptocurrency market, contributing to the DeFi sector’s strong performance.

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Impact on the Crypto Ecosystem

In turn, the DeFi sector’s TVL recovery resembles the general revival of the cryptocurrency market. The memecoin boom, inspired by Bitcoin’s gains, demonstrates the speculative attributes and the quickly changing investors’ sentiment toward the crypto industry. 

Despite the recent achievements, the DeFi sector still faces hurdles in surpassing its previous record of $189 billion in TVL from November 2021. Nonetheless, the momentum seems to be on an upward trajectory with DeFi protocols constantly innovating and widening their offerings to lure more users and capital.

The recovery and growth of the sector are of importance not only for Defi proponents but also for the entire cryptocurrency market, which shows the attractiveness and potential of decentralized financial services.

Read Also: US Election 2024: XRP Lawyer John Deaton Might Garner Crypto PAC’s Support

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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