Defi TVL surpasses $55b as crypto market continues to surge

The decentralized finance (defi) total value locked (TVL) records impressive gains as the broader crypto market rallies.

According to data provided by Defi Llama, the global defi TVL rose by roughly $2 billion in the past 24 hours, reaching $55.34 billion. Per the data aggregator, the 24-hour defi trading volume hovers around $2.6 billion with decentralized exchanges dominating the volume by 11.9%.

Following the surge in defi TVL, the sector’s leading protocol, Lido Finance, registered a 4.5% increase in its TVL — reaching the $22 billion mark. 

The Ethereum blockchain has a $29.7 billion share of the total defi TVL after registering a $1 billion increase in just 24 hours. Tron took the second spot with $8.4 billion in TVL. 

It is important to note that Solana’s TVL has registered massive gains since the start of the bull market trend in November 2022. Per Defi Llama, Solana’s defi TVL surged from around $670 million on Dec. 1, to $1.5 billion in early January.

Moreover, investor interest in defi comes as the crypto market records a notable surge as the Christmas holidays come to an end. 

According to CoinGecko data, the global crypto market cap rose by 6.6% in the past 24 hours, reaching $1.84 trillion. The total cryptocurrency trading volume, per CoinGecko, rallied from $61 billion to $84 billion over the past day.

The leading cryptocurrency, Bitcoin (BTC), also recorded impressive gains, surpassing the $45,000 mark as data suggests a further price incline.