Categories: Market

DeFi’s TVL hits a record nearly $ 240 billion after Bitcoin set a new ATH

Optimism in the crypto market grew as Bitcoin hit a new all-time high (ATH) near $ 67,000 yesterday (October 20), breaking new ground, with dumping and investors watching closely how altcoins and DeFi tokens react.

Cryptocurrency Fear and Greed Index | Source: alternative.me

The DeFi sector also benefited from Bitcoin’s bullish breakout, and the Total Value Locked (TVL) across all DeFi protocols rose to a new record high today.

follow data by DeFi Llama, which gathers data from DeFi protocols across all major blockchain networks like Binance Smart Chain (BSC), Avalanche (AVAX), and Wrapped Bitcoin (WBTC), now has $ 239.89 billion lost keys in protocols in different blockchain networks. AAVE leads at $ 18.79 billion and Curve ranks second at $ 17.97 billion.

TVL in DeFi | Source: DeFi Lama

Due to the rise in Bitcoin price, WBTC is currently ranked fourth out of TVL at $ 14.51 billion

The top projects with the strongest increase in TVL in the last 7 days are Trader Joe with an increase of 57.2%, Rari Capital + 50.57% and Yield Yak + 36.52%.

Top TVL increased in the last 7 days | Source: Token Terminal

New users at DeFi

In addition to the increased value of the token, the DeFi ecosystem also saw a sharp surge in the influx of new users. Data from Dune Analytics shows that now 3,591,876 unique wallets have interacted with at least one DeFi protocol.

Total number of DeFi users over time | Source: Dune Analytics

Despite the influx of new users, the trading volume on decentralized exchanges (DEXs) remains well below the highs of May and is now below the activity of the last few months.

Monthly trading volume of DEXs | Source: Dune Analytics

One possible reason for this is the growing focus on Bitcoin in recent months due to speculation about when Bitcoin Exchange Traded Funds (ETFs) will be launched and whether or not the Bitcoin price will exceed the $ 100,000 mark by the end of 2021.

The stablecoin growth indicates future crypto demand

Another factor contributing to DeFi’s growth could be the stable integration and addition of stablecoins.

There was an interesting story of a surge in Tether’s (USDT) circulating supply, which largely coincided with a surge in Bitcoin price, and the recent rally was no exception as Bitcoin kicked in on the same day. New ATH values, as well as the circulating supply of USDT.

https://twitter.com/ChrisBTCbull/status/1450859065475731456?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Tether just passed a market cap of $ 70 billion.”

The importance of stablecoins to the DeFi economy in general is also demonstrated by the TVL on Curve, particularly in relation to the creation of stablecoin pools for use across the ecosystem.

The total crypto market cap is $ 2,650 billion and the dominance of bitcoin is 46.4%.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Mr. Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.