Ethereum

Defi

2024

DeFi

The <a href="https://crypto.news/defi-on-btc-blockchain-could-accumulate-225b-pantera-capital-says/">decentralized finance</a> (DeFi) total value locked (TVL) has reached 22-month highs as the broader crypto market witnessed a notable surge.&nbsp; 
According to data provided by Defi Llama, the global DeFi TVL increased by $27.6 billion since Feb. 1 — rising from $59.44 billion to $87.12 billion at the time of writing — a level not seen since May 2022.&nbsp; 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1007" height="391" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-27-141046.png" alt="DeFi TVL surpasses 22-month high as market goes bullish - 27" class="wp-image-14252838">
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 Defi TVL – Feb. 27 | Source: Defi Llama
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</figure> 
Following the increase, the TVL of the leading defi protocol, Lido Finance, saw its value increase by 4% over the past 24 hours. Per Defi Llama, Lido Finance’s TVL is currently hovering at $31.87 billion followed by AAVE with a TVL of $9.24 billion. 
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Per a report on Feb. 26, Lido Staked Ether (<a href="https://crypto.news/price/lido-staked-ether/">stETH</a>) <a href="https://crypto.news/lido-staked-ethereum-xrp-market-cap/">overtook XRP’s market cap</a> to become the sixth-largest cryptocurrency. stETH’s market cap is currently sitting at $31.27 billion.&nbsp; 
It’s important to note that the Ethereum blockchain is dominating the defi scene with a global TVL of $50.44 billion, according to Defi Llama. Protocols on Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) have accumulated almost $15 million in fees over the past 24 hours, data shows.&nbsp; 
The surge in the defi TVL comes as the global crypto market capitalization recorded a 7.1% surge in the past 24 hours. According to data <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="noopener">provided</a> by CoinGecko, the total cryptocurrency market cap is standing at $2.23 trillion at the time of writing.&nbsp; 
Moreover, the total daily trading volume aggregated from all digital currencies listed on CoinGecko is hovering around $134.91 billion.&nbsp; 
 Read more: <a href="https://crypto.news/bitwise-expert-pegs-50-50-chance-for-ethereum-etf-nod-eyes-88k-bitcoin-peak-by-2024/"> Bitwise expert pegs 50/50 chance for Ethereum ETF nod, eyes $88k Bitcoin peak by 2024 </a>

DeFi TVL surpasses 22-month high as market goes bullish

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