Decentralized finance (defi) total value locked (TVL) experiences remarkable growth amidst a robust uptrend in the broader cryptocurrency market.
Defi Llama data reveals a $2 billion surge in global defi total value locked (TVL) within the last 24 hours, reaching a new milestone at $55.34 billion. Decentralized exchanges dominate trading volume by 11.9%, clocking in at $2.6 billion during this period.
In the wake of this defi TVL upswing, Lido Finance, a flagship protocol in the sector, sees a 4.5% boost in TVL, hitting an impressive $22 billion. Notably, Ethereum's TVL claims a substantial portion, now standing at $29.7 billion after a $1 billion increase in a single day. Tron secures the second position with a TVL of $8.4 billion.
Of significance is Solana's remarkable performance during the ongoing bull market trend since November 2022. Defi Llama reports a surge in Solana's TVL from $670 million on December 1 to an impressive $1.5 billion in early January.
This surge in defi coincides with heightened investor interest as the broader crypto market gains momentum post-Christmas holidays. CoinGecko data indicates a 6.6% increase in the global crypto market cap, reaching $1.84 trillion within the last 24 hours. The overall cryptocurrency trading volume, according to CoinGecko, has surged from $61 billion to $84 billion during this period.
In tandem with these trends, Bitcoin (BTC) showcases remarkable gains, surpassing the $45,000 threshold, with indications pointing towards further price growth.