DeFi TVL Skyrockets 72% to $94 Billion Amid H1 Market Boom

The performance of the Decentralized Finance (DeFi) ecosystem in the first six months of 2024 is quite applaudable. Regarding Total Value Locked (TVL), the DeFi sector has seen a significant upshot. 

Lido, EigenLayer Leads DeFi TVL Surge

The sector has recorded inflows in the first six months with TVL reaching as high as $94.1 billion.

This corresponds with a 72.8% increase from its previous level. Leading cryptocurrency exchange Binance provided a market update showing the rise of DeFi TVL from $54.4 billion in December 2023 to $94.1 billion in June.

This new level is believed to have resulted from the individual performances of a few DeFi projects including Lido, Aave V3, EigenLayer, Maker DAO, and Rocket Pool. These projects have seen a surge in their price and market cap. 

Lido is currently dominating the DeFi space with its TVL of up to $33.98 billion. EigenLayer saw a dip in TVL to $18.7 billion with Aave V3 following closely at $13.4 billion. MakerDAO’s TVL comes in at $8.12 billion while Rocket Pool has a TVL of over $4 billion.

Crypto Industry Sees General Positive Surge

It is worth acknowledging that this positive sentiment is not limited to the DeFi space but has found its way into other niches in the crypto ecosystem. 

The broad crypto market cap has surged to $2.27 trillion in market cap, corresponding with a Year-to-Date (YTD) growth of 37%. In the first three months of 2024, the market cap soared by 60% from 2023 levels. 

Generally, the digital asset market has registered huge institutional adoption and inflows since the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Spot Ethereum ETFs, which were earlier approved by the Commission in May, is expected to commence trading this week.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.