Ethereum

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 <p class="is-style-lead">In November, the decentralized finance (DeFi) sector’s <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> of the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="dofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a>d by 18% compared to last month.</p> 
 <p>November also turned green for non-fungible tokens (NFTs). Trading volumes recently jumped 200%, according to the latest report from Binance Research.</p> 
 <p>Analysts noted that the rate remained from 3.8% to 4.1% throughout the year. However, in November, it began to overgrow. Over the month, the share of the DeFi sector increased by 18% and ended at 4.44%. The main drivers of significant growth were THORChain, PancakeSwap, Uniswap, and Synthetix.</p> 
 <p>Additionally, since the start of 2023, the value locked (TVL) in&nbsp;DeFi&nbsp;protocols has <a rel="dofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a>d by 25%, with a 14% <a rel="dofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a> in November alone. Throughout the year, the figure was at $45-50 billion. Considering the latest dynamics, we can expect a breakthrough of the $50 billion mark.</p> 
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 <p>The dominant blockchain in the DeFi space remains Ethereum (ETH), accounting for over 56% of the total TVL. In second place is Tron (TRX), with a <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> of 16%, and in third place is BNB Chain (BNB) with a <a rel="dofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> of 6%.</p> 
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   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/12/08/71a06e6ab5a383f957389467204fc728.webp.webp"> 
   <img decoding="async" width="1024" height="410" src="https://cdn.thebittimes.com/images/2023/12/08/71a06e6ab5a383f957389467204fc728.webp" alt="DeFi share in crypto market increases by 18% in November - 1"> 
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   Source: Binance Research
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 <p>This year’s largest category was liquid staking, which amounted to $27 billion. Almost the entire declared amount came from the Lido Finance protocol – $20 billion. Analysts noted that the Shanghai update facilitated the growth.</p> 
 <p>Along with the sharp rise in the BTC price in recent weeks, there has also been a sharp rise in the entire cryptocurrency market. So, if at the beginning of November the market capitalization of the crypto market was only $1.28 trillion, then at the end of last month this figure was already $1.43 trillion. Moreover, in December, the market capitalization of the cryptocurrency sector exceeded $1.6 trillion.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/defi-share-in-crypto-market-increases-by-18-in-november-tbt73060.html">https://thebittimes.com/defi-share-in-crypto-market-increases-by-18-in-november-tbt73060.html</a></p>

DeFi share in crypto market increases by 18% in November

TheBitTimes

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