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DeFi TVL rise as crypto market booms

DeFi

TL; DR Breakdown

  • DeFi TVL increases as crypto market surges
  • Tokens are seeing two-digit gains
  • NFT market continues to surge

The tale of the crypto market has been bittersweet since the start of this month. The market has been in deep waters, but March presented traders with little succor. With Bitcoin leading the market by posting a surge above $40,000, tokens in the DeFi sector have also taken up the same momentum. According to data from Messari, many of the top tokens across the DeFi sector have witnessed double-digit price surges.

DeFi tokens are witnessing two-digit gains

In the last month, Thorchain has led the decentralized finance market in terms of performance, with the token posting a 199% surge. Aave follows closely, with a price performance of 53.95% in the same time frame. Asides from these tokens showing encouraging numbers, there has been a general surge in the TVL across DeFi platforms in the market.

The entire value locked across the market is now around $230 billion. Although most tokens have not gotten back to their best, the market is just a little bit shy of its all-time record at $256 billion. This means that the influx of new protocols in the sector has shown that it has undergone massive expansion in the last few months, that the market has been down.

NFT market continues to surge

Another metric that has been on the massive rise in the market is the number of users across the decentralized finance sector. As per a Dune Analytics document, the market presently has 4,562,318 wallet addresses belonging to individuals. One of the few sectors of the DeFi market that is yet to witness a downturn in the NFT market. Compared to decentralized exchanges, NFT marketplaces have continued to witness massive participation by members of the market following full mainstream attention.

Data has also shown that traders have not been actively swapping tokens. However, they have put their attention on different parts of the market. OpenSea and LooksRare have been the contributors in terms of dApps. The NFT marketplaces are presently leading the market and followed closely by Pancakeswap, Uniswap, and Convex Finance in no order. The crypto market boasts a $2.1 trillion market cap, with Bitcoin’s dominance still standing high at 41%.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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