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This article originally appeared in First Mover, CoinDesk's daily newsletter putting the latest moves in crypto markets in context.

Join the most important conversation in crypto and web3! Secure your seat today

This article originally appeared in Chain Reaction, CoinDesk’s daily newsletter covering the latest in decentralized finance. Subscribe to get it in your inbox every day.

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The total value locked (TVL) in decentralized finance (DeFi) protocols rose by 25% in February, reaching $52.3 billion, according to data from DeFi Llama. Aave leads the pack with $4.1 billion TVL, followed by Lido ($3.9 billion) and MakerDAO ($3.6 billion). Among layer 1 blockchains, Ethereum still dominates with 58% of the market share ($30.3 billion), followed by Arbitrum ($2.3 billion) and Optimism ($1.8 billion).

Digital asset management firm Arca has launched a new exchange-traded fund (ETF) tracking the performance of decentralized autonomous organizations (DAOs). The Arca Web3 DAO Index ETF (DAO) will begin trading on the New York Stock Exchange on March 13. The ETF will track an index of 25 DAOs, including Aave, Compound, Curve and Maker.

NFT marketplace OpenSea has announced plans to launch a new payment token called "SEAF." According to an email sent to users on Monday, the token will be used to reward the marketplace's community and power a new decentralized autonomous organization (DAO) that will govern OpenSea. OpenSea also announced last week that it will be cutting 20% of its workforce.

Chart of the Day

The chart shows that bitcoin options volume on Deribit reached its highest level in 22 months on Friday, as news of three bank failures and worsening economic data sparked increased volatility in the cryptocurrency markets.

Options traders are paying close attention to bitcoin's attempt to hold above the key $25,000 level, with bullish traders hoping for a continuation of the H2 2023 rally.

Deribit bitcoin options volume (seven-day moving average) via Deribit, Glassnode

Three U.S. banks have collapsed within a week, bringing attention to bitcoin as a censorship-resistant non-sovereign alternative asset that cannot be debased.

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Bitcoin Options Volume on Deribit Hits Highest Level in 22 Months as Bank Failures Breed Volatility