UNI surged 15% over the weekend, reaching a peak of $7. With the cryptocurrency market rebounding, there are signs of capital flowing into the DeFi sector. The total locked value (TVL) of various DeFi chains has reached $53 billion, a 47% increase since mid-October, when it was $36 billion. The total market capitalization has also risen from $42.8 billion to $77.1 billion.
Background:
INJ Hits All-Time High: Overview of 5 Projects in the Injective Ecosystem
Article Contents:
UNI Surged 15% in Two Days, Peaking at $7
DeFi TVL Increased by $17 Billion Since October
Market Capitalization Increased by 80% Since Mid-October
As we approach the three-year mark since the beginning of the “DeFi Summer” in 2020, innovative DeFi projects continue to emerge. However, since the crypto market entered a bear market in 2022, there has been a continuous outflow of funds from the overall DeFi sector. In October of this year, the TVL hit a new low since February 2021.
But now, with the crypto market rebounding, DeFi projects are experiencing significant price surges, indicating a potential return of capital. Over the weekend, leading decentralized exchange UNI surged 15%, reaching a high of $7.18, the highest in nearly ten months.
Lido, the leading project in the LSD track, has surged over 26% in the past seven days. Other projects such as INJ and Cake have also seen increases of over 20%.
Defi Token Price Increases | Source: Coingecko
According to data from DefiLlama, the TVL of DeFi protocols across various chains was less than $36 billion in mid-October this year, compared to the peak of $178 billion in November 2021, representing a decrease of nearly 80%.
However, driven by Ethereum’s dominance, the TVL of DeFi across various chains has now reached $53 billion, a 47% increase since mid-October.
Currently, Ethereum has the highest share of TVL in DeFi protocols, accounting for 52%, with a TVL of approximately $28 billion. The rankings of other chains are as follows: Tron, BSC, Arbitrum, and Solana.
Signs of Capital Returning to DeFi | Source: Defiliama
In terms of the total market capitalization of DeFi protocols, according to Coingecko data, the market capitalization has increased from $42.8 billion to $77.1 billion in just under 90 days, representing an 80.1% increase.
Rise in Total Market Capitalization of DeFi Protocols | Source: Coingecko
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DeFi
MKR
TVL
UNI