Amid ethereum’s value increase, the decentralized finance (defi) ecosystem has significantly benefited from ether’s double-digit growth. Leading defi tokens by market capitalization rose by 14.8% over the past day, and the total value locked (TVL) in defi exceeded $100 billion in the last 24 hours.
Defi Protocols and Tokens Benefit From Ethereum’s Meteoric Rise
The top defi tokens are gaining from ethereum’s price rise on Tuesday, as the second-largest crypto asset climbed 22% in the past day. The defi token market is now valued at $101.76 billion, following a 14.8% increase since yesterday. Coingecko.com reports the defi to ETH ratio on May 21, 2024, stands at 22.4%.
Lido (LDO) was the largest defi token gainer in the past 24 hours, rising 36.6%. It was followed by redacted (BTRFLY), which increased 31% on Tuesday. The coin bounce (AUCTION) rose 28.5%, and renzo (REZ) saw a 28.7% increase against the U.S. dollar. Among the top five defi tokens by market value, uniswap (UNI) led with a 23.6% rise over the 24-hour period.
UNI/USD on May 21, 2024.
Other notable gainers included GRT, up 11.4%, and MAKER, which rose 13.6%. Over two dozen defi tokens on Tuesday recorded double-digit gains against the U.S. dollar. The defi crypto market on Tuesday saw $7.65 billion out of the $205.67 billion in global trade volume. Top volumes were recorded by LINK, ENA, PYTH, RUNE, and UNI. Additionally, the total value locked (TVL) in defi on May 21 exceeded the $100 billion range.
Defillama.com reports that the TVL held in defi protocols on Tuesday is $106.01 billion. Lido Finance saw the largest daily change among the top five protocols, rising 22.26%. Out of the $106.01 billion, Lido’s TVL accounts for $35.24 billion. The restaking protocol Eigenlayer has seen a 19.55% increase. An estimated $22.29 billion is locked into decentralized exchange (dex) platforms. Dex applications are also experiencing significantly higher trade volume over the past day.
Leaders in volume include Uniswap, Jupiter, Pancakeswap, Curve, Balancer, Raydium, and Orca. Uniswap recorded $3.16 billion in trade volume over the last day, Jupiter $1.10 billion, and Curve $686 million during the 24-hour period. Moreover, dex trading volume is up 137.8% in the past 24 hours.
Ethereum’s rapid ascent has sparked a revival within the defi sector, pushing tokens and protocols to new heights. This collective uptrend highlights the industry’s growing demand for trustless financial services. As trade volumes increase and TVL continues to rise, the defi ecosystem steadily approaches the unprecedented levels witnessed in November 2021.
What do you think about the defi ecosystem benefitting from ethereum’s surge in value? Let us know what you think about this subject in the comments section below.
