Ethereum

Rally

Solana

Radix

DeFi

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/steady-growth-in-the-decentralized-finance-sector/" data-wpel-link="internal">Steady Growth in the Decentralized Finance Sector</a> 
The Decentralized Finance (<a href="https://coin-turk.com/sicak-gelisme-dydx-soylentilerle-alakali-aciklama-yapti-defi-altcoin-risk-altinda-mi" data-wpel-link="internal">DeFi</a>) sector has been steadily growing since the slump of May 2022, with a significant increase towards the end of 2023. Particularly, in the last four months, the total value locked (TVL) in DeFi has almost doubled. As of February 17, TVL reached $71.2 billion, marking the highest level in two years, almost twice the amount of $36.122 billion recorded on October 12, 2023. 
<h2 style="text-align: justify" id="growth-in-the-defi-space">Growth in the DeFi Space</h2> 
This growth may be attributed to the increase in the value of cryptocurrencies. However, there is also a noticeable rise in the adoption and organic amount of funds locked in DeFi. In particular, many Layer-1 blockchains such as Solana (SOL), Cardano (<a href="https://en.coin-turk.com/cardano-ada-clings-to-crucial-support-a-glimpse-into-the-future-price/" data-wpel-link="internal">ADA</a>), Avalanche (AVAX), and others are continuously expanding the DeFi ecosystem. New protocols, decentralized applications, tokens, solutions, and services are contributing to this growth, according to DefiLlama data. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-316097 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/defi-coin-turk-com-.png" alt="" width="1538" height="629"> 
On the other hand, Radix (XRD), MultiversX (EGLD), Near Protocol (NEAR), and Sui Network (SUI) are opening new avenues by promoting innovation and scalability. As a result, these cryptocurrency projects are attracting more investors and capital to decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a>. 
Ethereum (ETH), despite losing its lead in decentralized exchange volume to Solana, has seen a decline in TVL dominance over the last four months. Nevertheless, Ethereum has reclaimed its 24-hour volume leadership with $1.374 billion, leaving Solana behind at $717.09 million. Bitcoin (BTC), on the other hand, stands out among the top 10 blockchains with an approximate 350% increase in total value locked. 
<h2 style="text-align: justify" id="could-this-indicate-a-rally-in-the-crypto-space">Could This Indicate a Rally in the Crypto Space?</h2> 
Interpreting the developments in the DeFi sector as an indication of a rally in the crypto space may not be accurate. However, significant increases in DeFi occur during periods when cryptocurrency prices rise due to substantial inflows of funds into the crypto space. A portion of these funds also moves into the DeFi sector. 
If cryptocurrency prices continue to rise, they are likely to attract different investment profiles. Decentralized finance is considered a promising segment that will continue to challenge traditional financial systems in the future. However, as Charles Hoskinson warns, the influence of “old” financial systems on the crypto market is increasing, and speculators are directing capital flows to their preferred systems. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/steady-growth-in-the-decentralized-finance-sector/" data-wpel-link="internal">Steady Growth in the Decentralized Finance Sector</a></h5>

Steady Growth in the Decentralized Finance Sector

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