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Cryptocurrency News Articles

$100 Billion in Sight in the Wide World of Defi Protocols

Nov 08, 2024 at 02:10 am

According to the latest data, the crypto economy's 2.45% climb over the last day is pushing the total value locked in decentralized finance

$100 Billion in Sight in the Wide World of Defi Protocols

The total value locked (TVL) in decentralized finance (DeFi) protocols is now just $5.509 billion away from hitting a $100 billion milestone, according to the latest data.

As of 11 a.m. Eastern Time (ET) on Thursday, the TVL in DeFi stood at $94.491 billion, Chainlink (LINK) and sui (SUI) are among the best performers, with SOL, ADA, AVAX, and DOT also posting double-digit gains.

On the other hand, XTZ and MATIC are showing minimal gains of less than 1%, while BNB and XRP are seeing slight losses.

This boost in TVL mirrors the upward momentum in DeFi and smart contract token values. For instance, solana (SOL) is rising 12%, ADA is up 9%, AVAX gained 7.7%, and LINK edged up 4.7%. Others are seeing larger leaps, like SUI with a 16% increase and gnosis (GNO) soaring 22.5%.

As of Nov. 7, 2024, the smart contract crypto market’s cap stands at $638.12 billion, a 13.8% uptick today. Ethereum holds more than 55% of the TVL in DeFi, with Tron contributing 7.1%, Solana at 7.03%, and Binance Smart Chain at 4.9%. Notably, 3.14% of TVL is on the Bitcoin blockchain, highlighting diverse blockchain participation in DeFi’s growth.

With DeFi nearing the $100 billion TVL benchmark, these gains reflect strong interest in decentralized financial solutions, especially as leading protocols continue to expand. This momentum highlights DeFi's growing role within the financial ecosystem, signaling a shift in market dynamics.

Contributions across blockchains, notably from Ethereum and Solana, show that no single chain dominates DeFi. This spread underscores a resilient, decentralized ecosystem that isn’t overly dependent on any one protocol. As more assets and chains contribute to TVL, DeFi's infrastructure could become an even more secure, competitive, and integral part of global finance.

News source:news.bitcoin.com

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