DeFi TVL surpasses 22-month high as market goes bullish

The decentralized finance (DeFi) total value locked (TVL) has reached 22-month highs as the broader crypto market witnessed a notable surge. 

According to data provided by Defi Llama, the global DeFi TVL increased by $27.6 billion since Feb. 1 — rising from $59.44 billion to $87.12 billion at the time of writing — a level not seen since May 2022. 

Following the increase, the TVL of the leading defi protocol, Lido Finance, saw its value increase by 4% over the past 24 hours. Per Defi Llama, Lido Finance’s TVL is currently hovering at $31.87 billion followed by AAVE with a TVL of $9.24 billion.

Per a report on Feb. 26, Lido Staked Ether (stETH) overtook XRP’s market cap to become the sixth-largest cryptocurrency. stETH’s market cap is currently sitting at $31.27 billion. 

It’s important to note that the Ethereum blockchain is dominating the defi scene with a global TVL of $50.44 billion, according to Defi Llama. Protocols on Ethereum (ETH) have accumulated almost $15 million in fees over the past 24 hours, data shows. 

The surge in the defi TVL comes as the global crypto market capitalization recorded a 7.1% surge in the past 24 hours. According to data provided by CoinGecko, the total cryptocurrency market cap is standing at $2.23 trillion at the time of writing. 

Moreover, the total daily trading volume aggregated from all digital currencies listed on CoinGecko is hovering around $134.91 billion.