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Defi TVL reaches 20-month highs with Ethereum dominating the scene

defi-tvl-reaches-20-month-highs-with-ethereum-dominating-the-scene
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Defi TVL reaches 20-month highs with Ethereum dominating the scene

The decentralized finance (defi) total value locked (TVL) has been constantly rising since the start of the month and is getting close to the $70 billion mark. 

According to data provided by Defi Llama, the global defi TVL recorded a 22% surge over the past two weeks and is currently standing at $68.99 billion. On Feb. 13, the TVL reached a 20-month high of $69.35 billion — a level last seen in mid-June 2022.

Defi TVL reaches 20-month highs with Ethereum dominating the scene - 1
Defi TVL – Feb. 14 | Source: Defi Llama

Per the data aggregator, there are currently 40 defi protocols with a TVL of over $500 million with Lido Finance leading the list with a TVL of $25.71 billion. 

The rising defi star of 2024 is EigenLayer with a six-times TVL increase over the past six weeks. Per Defi Llama, EigenLayer’s TVL surged from $1.1 billion on Jan. 1 to $6.5 billion at the time of writing. 

Ethereum (ETH) is still dominating the scene with a TVL of $40.95 billion, according to Defi Llama, followed by Tron with a TVL of $8.79 billion.

On Jan. 31, Solana (SOL) flipped Ethereum in terms of decentralized exchange (DEX) volume — reaching $1.46 billion. 

However, Defi Llama data shows that Ethereum gained the top spot on Feb. 2 again after Solana’s DEX volume plunged below $900 million. 

Ethereum’s DEX volume currently stands at $1.41 billion, per the data provider, followed by Solana’s $780 million DEX volume.