📰 Table Of Contents
Decentralized Finance (DeFi) Sector Hits $100 Billion TVL
The decentralized finance (DeFi) sector has achieved a significant milestone, surpassing a total value locked (TVL) of over $100 billion. This surge in capital locked on-chain is attributed to the renewed enthusiasm surrounding Bitcoin and the recent launch of spot Bitcoin exchange-traded funds (ETFs) in January.
Key Highlights:
- Global TVL in DeFi protocols reached $100.1 billion
- Trading volume exceeded $10 billion in the past 24 hours
- Lido leads with $38.7 billion locked on-chain
- EigenLayer and Aave follow with over $11 billion each
Staking Platforms Lead in TVL
Leading the charts in terms of locked value is the liquid staking protocol Lido, with an impressive $38.7 billion locked on-chain. EigenLayer and the Aave protocol closely follow, with over $11 billion locked in each, respectively.
Positive Sentiment Boosts DeFi Growth
The surge in DeFi TVL beyond $100 billion marks a significant achievement for the ecosystem. This growth is fueled by the positive sentiment in crypto markets post the launch of spot Bitcoin ETFs, driving Bitcoin to new all-time highs, surpassing $70,000 on March 8.
OTC Trading Platforms and Bitcoin Shortage
Rumors of OTC trading platforms facing a Bitcoin shortage have surfaced, leading to outages on centralized exchanges like Binance, Coinbase, Kraken, and Bybit. To meet the increased demand, Crypto.com hired 480 additional customer representatives.
Memecoin Surge in Prices
The soaring Bitcoin price has triggered a surge in memecoin prices. Memecoins like Korra (KORRA), Ribbit (RIBBIT), and PUG AI (PUGAI) saw significant increases. Tokens like Shiba Inu and Pepe recorded gains, propelling the memecoin market capitalization to $61 billion.
Dogecoin and SHIB now rank among the top 1 tokens by market capitalization, with $26 billion and $20 billion, respectively.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
