DeFi Total Value Locked (TVL) Surpasses $100B Amid Bitcoin Surge
- These numbers are lower below the record set in November 2021 of $189 billion.
- EigenLayer is in second place with $11.5 billion in TVL, behind Lidos $38.7 billion.
On March 9, the total value locked in DeFi protocols surpassed $100 billion, thanks to the demand for Bitcoin which is boosting the mood surrounding the crypto sector.
Data from DefiLlama shows that decentralized financial protocols have a total value locked (TVL) of $100.1 billion, with a volume of over $10 billion in the last 24 hours. But these numbers are lower below the record set in November 2021 of $189 billion.
More Surge Likely
In the staking ecosystem, EigenLayer is in second place with $11.5 billion in TVL, behind Lidos $38.7 billion on-chain, and AAVE protocols $11.5 billion.
Having surpassed $100 billion, DeFi TVL has not done so in over two years. It would suggest that the optimistic attitude in the crypto markets, which has been absent since the January debut of spot Bitcoin ETFs, is responsible for the boosting influx.
Bitcoin reached a new all-time high, reaching $70,000 threshold on March 8 due to the institutional demand for Bitcoin ETFs. On the same day, BitMEX Research reported that Bitcoin ETF assets had soared to $28 billion. Assets from Grayscales fund are not included in the analysis since it was changed from an OTC product to an ETF in January.
Rumors are circulating on Twitter about over-the-counter (OTC) trading platforms that are out of Bitcoin and will have to rely on public exchanges to fulfill customer orders. Large-volume traders, including institutional investors, are usually the ones that OTC desks serve.
The increased trade activity after Bitcoins crossing over $60,000 caused problems on many centralized crypto exchanges, including Binance, Coinbase, Kraken, and Bybit. In response to the unprecedented demand, Crypto.com CEO Kris Marszalek said that the exchange has added 480 customer service agents to its staff.
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Spot Bitcoin ETFs Surpass $100 Billion in Cumulative Trading Volume
Read more: https://thenewscrypto.com/defi-total-value-locked-tvl-surpasses-100b-amid-bitcoin-surge/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
