DeFi TVL surpasses 22-month high as market goes bullish

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The decentralized finance (DeFi) complete worth locked (TVL) has reached 22-month highs because the broader crypto market witnessed a notable surge. 

In line with knowledge offered by Defi Llama, the worldwide DeFi TVL elevated by $27.6 billion since Feb. 1 — rising from $59.44 billion to $87.12 billion on the time of writing — a degree not seen since Could 2022. 

DeFi TVL surpasses 22-month high as market goes bullish - 1
Defi TVL – Feb. 27 | Supply: Defi Llama

Following the rise, the TVL of the main defi protocol, Lido Finance, noticed its worth improve by 4% over the previous 24 hours. Per Defi Llama, Lido Finance’s TVL is presently hovering at $31.87 billion adopted by AAVE with a TVL of $9.24 billion.

Per a report on Feb. 26, Lido Staked Ether (stETH) overtook XRP’s market cap to turn out to be the sixth-largest cryptocurrency. stETH’s market cap is presently sitting at $31.27 billion. 

It’s vital to notice that the Ethereum blockchain is dominating the defi scene with a worldwide TVL of $50.44 billion, based on Defi Llama. Protocols on Ethereum (ETH) have gathered virtually $15 million in charges over the previous 24 hours, knowledge reveals. 

The surge within the defi TVL comes as the worldwide crypto market capitalization recorded a 7.1% surge previously 24 hours. In line with knowledge provided by CoinGecko, the full cryptocurrency market cap is standing at $2.23 trillion on the time of writing. 

Furthermore, the full every day buying and selling quantity aggregated from all digital currencies listed on CoinGecko is hovering round $134.91 billion. 

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