DeFi Sector Sees Surge in Total Value Locked, Hits 15-Month High
DappRadar recently shed light on a notable surge in the total value locked (TVL) within the DeFi sector.
According to their latest findings, the TVL has soared to an impressive $192 billion, marking a significant 17% increase from the previous month and hitting its highest level since February 2022.
TVL, which stands for total value locked, essentially measures the total capital locked within a protocol’s smart contracts. It’s a crucial metric used to gauge the strength and vitality of a cryptocurrency ecosystem.
The surge in TVL is largely attributed to the upward trend in token prices, particularly observed in smart contract platforms such as Ethereum (ETH) and Solana (SOL).
READ MORE: Base Network Surges to Top 3 in TVL Among Layer 2 Chains
“Ethereum continues to dominate the DeFi landscape, accounting for 68% of the total TVL. Solana, however, has experienced notable growth driven by increased activity in meme coin trading and DeFi protocols.
Furthermore, the native SOL token has seen an impressive 11% surge over the past month,” noted the crypto analytics firm.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
