DeFi tokens total value locked eyes $35 billion
- DeFi has a new TVL of $35 billion.
- Projects in the crypto sub-sector have recorded massive gains in recent times.
There appears to be no stopping the potential of decentralized finance (DeFi) as the total value locked in the crypto market sub-sector has increased to $35 billion. Not only that DeFi tokens have also been performing very well in the market recently as many of them have recorded new gains too.
According to data from Coinmarketcap, DeFi projects like Chainlink has recorded a new all-time high in the last 24 hours while other projects like Aave, Maker, Synthetix, Compound, and many others recorded double-digit gains.
The crypto industry’s overall market cap reached a new all-time high recently, and DeFi projects contributed their quota towards this record.
Chainlink was able to sell for over $27, a 9% increase in its value and an all-time high for the popular oracle network’s native token. Since the beginning of this year, the asset has gained up to 120% in its value. The asset started selling for $12 at the beginning of the year and it has now more than doubled its value.
Aave saw its value surge by 15% and started selling for $520. The native token of the popular Aave lending platform has also gained over 85% in the past week alone. Compound added 116% to its value in the recent week and was being exchanged for $533 while Synthetix gained 20% in the last 24 hours to trade for $22.
Maker appears to have stolen the shine of others. The token began trading this year for $560. Since then, its value has increased to an all-time high of $3,000. In the past week, the asset gained 110% while in the last 24 hours it recorded a gain of 75%.
Cumulatively, the total value locked (TVL) in projects has jumped to a new $35 billion record. When one considers that the TVL was a little over a billion-dollar at the beginning of 2020, it would be understood that the industry has recorded massive growth and acceptance by crypto enthusiasts.