Several prominent Ethereum-driven DeFi protocols have posted a strong bullish move as a new week dawned. This was accompanied by the total value locked across all decentralized finance protocols has hit another milestone.
According to the latest stats compiled by DeFi Pulse, the TVL in DeFi blasted past a whopping $50 billion on the 5th of April after a renewed market push. With this, the TVL figure was currently found to be almost twice the capitalization of the third-largest crypto-asset, Binance Coin [BNB]. Since the February pullback, the total value locked in decentralized finance protocols has maintained a steady uptrend.
Side by side, the rising TVL was the increase in the token price of many of the top protocols as DeFi traders began stacking during the market lows even as the decentralized finance sector took a break from the spotlight, as opposed to 2020 summer when it was in all rage.
Ethereum Locked Hits ATH Too
As the price of Ethereum established a much-anticipated peak, the cryptocurrency locked in DeFi also surged to a fresh high of 10.78 million ETH. This amount of Ether accounts for roughly 10% of the altcoin’s total circulating supply.
Leading the chart was the decentralized lending protocol, Compound, which recently climbed all the way to $15 billion in terms of the total lending value. As it dominated the decentralized finance market, it contributed to roughly 19% of the value locked up. Next up was another lending platform, Maker with $7.73 billion and DEX platform Uniswap with over $5 billion.
Bitcoin Locked In DeFi Attempts Recovery
The world’s largest cryptocurrency has stalled its momentum around $59K. Despite weeks of consolidating, Bitcoin has failed to establish a record with respect to its value. Alongside, the dull price action, Bitcoin locked up in all decentralized finance projects recently took a tumble to a three-month low.
Its recovery to the current figure of around 138K BTC was not impressive.
Published at Mon, 05 Apr 2021 18:00:00 +0000