The recent cryptocurrency market rally has seen the total value locked on decentralized finance (DeFi) protocols surpass the $90 billion mark for the first time since the summer, shortly after Bitcoin hit a high above $73,500, which was surpassed after the recent US elections.
According to data from DeFiLlama, there is currently $91.5 billion locked in the decentralized finance ecosystem, with the lion’s share being within the Ethereum network, which has $53.3 billion in total value locked (TVL). While not all of it is in the Ether token, ETH surged more than 14% over the past seven days to now trade near the $2,900 mark, helping the values grow.
The second-largest chain by TVL is Solana, with $6.7 billion. SOL’s price rose 16.2% over the past week, to the point the cryptocurrency is now the fourth-largest by market capitalization after surpassing Binance’s BNB. SOL is now trading at $197 per token, giving it a $92.9 billion market capitalization.
Per DeFiLlama, the chains that saw the largest rises in TVL over the past seven days include not only Ethereum and Solana but also Bitcoin, which saw a 25.2% surge to $3 billion, Sui, which saw a 10.3% surge to $1.12 billion, and Coinbase’s Base, which saw a 3.5% rise to $2.7 billion.
The value of tokens widely used within the DeFi ecosystem also exploded upward over the past week, boosting the total value locked. For example, Ethena’s governance token ENA rose 38.7% to $0.505 per token, to now have a $1.44 billion market capitalization.
Similarly, Maker’s MKR rose 27.95% to $1.41 billion over the past week. Aave’s native token also rose nearly 30% to now trade at $185 and have a $2.78 billion market capitalization. MKR, ENA, and AAVE are the governance tokens of major DeFi protocols.
Surpassing $90 billion is a significant milestone for the decentralized finance sector, as it shows renewed investor confidence in the adoption of the financial services created within it.
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