Defi Market Holds Steady at $49.31 Billion TVL, Lido Finance Leads the Pack With 24.82% Share – Defi Bitcoin News

Since April 18, 2023, the total value locked (TVL) in decentralized finance (defi) has been fluctuating just below the $50 billion threshold. As of today, the TVL amounts to $49.31 billion, registering a 1% increase within the last 24 hours.

TVL in Defi Shows Signs of Improvement, Yet to Surpass Previous Record of $53 Billion

Currently, the combined TVL across all defi platforms stands at $49.31 billion as of May 6, 2023, with Lido Finance leading the pack by commanding a 24.82% share of $12.24 billion on Saturday. Over the past month, Lido’s TVL has grown by 9%, while posting a moderate 2.42% increase in the preceding week. The remaining top five candidates in today’s defi landscape include Makerdao, Aave, Curve Finance, and Uniswap; three out of these four experienced monthly downturns, with Uniswap being the exception by posting a 3.48% gain over the past 30 days.

How To Get Free Crypto  

Total value locked in defi on May 6, 2023, according to stats.

Ethereum takes the lion’s share of this TVL with its $28.66 billion accounting for over 58% of the defi market cap. Following Ethereum are other contenders such as Tron, BSC, Arbitrum, and Polygon who boast relatively large TVL statistics. Both Tron and Arbitrum have recorded monthly gains of 7.77% and 9.98%, respectively. However, BSC stands as the top defi-chain loser in terms of TVL losses from last month with a decrease of approximately 6.52%.

Total value locked on all blockchains on May 6, 2023, according to stats.

A sizable $16.416 billion worth of ETH (8,550,940 ETH) is locked in liquid staking platforms out of the entire $49.31 billion amount locked in defi systems today. The dominant liquid staking platforms for Ethereum are Lido, Coinbase, Rocket Pool, Frax, and Stakewise. Rocket Pool and Frax have witnessed impressive 30-day increases of 29.75% and 39.49%, respectively. Furthermore, the largest number of defi applications belongs to Ethereum with 771 protocols in total.

While Binance Smart Chain and Polygon follow Ethereum’s protocol count with 593 and 409 applications, respectively, Tron — the second-biggest defi blockchain — has only 18 associated protocols. However, Tron boasts the highest user base among the top five defi platforms with 2,538,896 participants. Ethereum’s active user count for its defi apps is approximately 332,548. Although the TVL in defi has shown signs of improvement in 2023, it has yet to surpass its previous record of $53 billion.

Tags in this story
Arbitrum, Binance Smart Chain, decentralized finance, DeFi, Ethereum, Lido Finance, Liquid Staking, Polygon, Rocket Pool, total value locked, tron, TVL

What are your thoughts on the current state of the defi market? Do you think it will continue to grow and surpass its previous record, or will it face challenges in the coming months? Share your insights in the comments section below.

Coinbase Banner  
Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Jamie Redman

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.