DeFi TVL reaches 1-month high, leading protocols surge

The total value locked in decentralized finance protocols has reached a one-month peak as the overall cryptocurrency market recovers.

According to data provided by DefiLlama, global DeFi TVL currently stands at $87.3 billion, a level last seen on August 27. However, weekly trading volume has dropped by 2.2% over the past seven days and is hovering around $23 billion.

Top 10 DeFi protocols – September 23 | Source: DefiLlama

Notably, DeFi TVL dropped to $75 billion on September 7 for the first time since late February.

Data shows that the top 10 leading DeFi protocols have been recording bullish momentum over the past week.

Lido’s TVL surged 13% in seven days, surpassing the $25 billion mark. AAVE saw a very similar move, with its TVL jumping to $12.4 billion. EigenLayer came in third with $12.2 billion in TVL.

Additionally, the native tokens of the top two protocols, Lido DAO (LDO) and Aave (AAVE), are up 1.5% and 7.8% respectively in the last 24 hours. LDO is currently trading at $1.15 and AAVE has surpassed $170.

Ethena lost the 10th spot to Pendle after its TVL dropped by 3% last week.

The total value locked in DeFi is still down more than 50% since the $188 billion peak in November 2021.

DeFi TVL, May 2018 – September 2024 | Source: DeFiLlama

Global cryptocurrency market capitalization rose from $2.14 trillion to $2.31 trillion last week, according to data from CoinGecko, with most of the gains recorded on September 18, when the U.S. Federal Reserve cut interest rates by 50 basis points.