Total value locked in DeFi surpasses multiple countries’ GDP

The Decentralized Finance (DeFi) ecosystem is heating up with a massive capital inflow. Most cryptocurrencies are experiencing price surges while investors lock up value on Web3 protocols.

Notably, the Total Value Locked (TVL) in DeFi is back to yearly highs of 2023 at $52.71 billion. Finbold retrieved this data from DefiLlama on December 9. The 24-hour volume was $4.45 billion by press time, and the total funding amount was $97.74 billion.

Total Value Locked in DeFi – USD. Source: DefiLlama

The world economies’ GDPs below DeFi’s value

Interestingly, the current TVL is higher than the top 91 countries’ GDP of 2023, according to Wikipedia’s list. In particular, Uganda 2023’s GDP is $52.39 billion, Tunisia’s $51.27, and Jordan’s $50.02.

Other countries in this top 100 economic list with lower GDP than DeFi’s total value locked are Cameroon, Bolivia, Latvia, Bahrain, Paraguay, Estonia, and Nepal.

List of countries by GDP (nominal in millions). Source: Wikipedia
Cryptocurrency

Buckle up: Altseason can ignite at any moment; Here's why

Cryptocurrency

Machine learning algorithm predicts DOGE price for Xmas

Cryptocurrency

3 cryptocurrencies to buy under $5 next week

Cryptocurrency

3 cryptocurrencies to avoid trading next week

Cryptocurrency

3 cryptocurrencies under $0.10 to buy next week

“Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.”

— Wikipedia

Top chains and protocols in total value locked

After setting this new landmark among the 90 highest world economies, decentralized finance increases its global relevance. Essentially, the TVL measures the USD worth amount of tokens being staked, used, or invested in each blockchain and protocol.

First, the top 5 chains in total value locked at the time of publication are:

  • Ethereum (ETH): $29.63 billion
  • Tron (TRX): $8.19 billion
  • BNB Chain (BNB): $3.16 billion
  • Arbitrum (ARB): $2.38 billion
  • Solana (SOL): $936.52 million
Top 5 chains by total value locked. Source: DefiLlama

Second, the top 5 protocols with the highest USD value locked are:

  • Lido (LDO): $21.87 billion
  • Maker (MKR): $8.95 billion
  • Aave (AAVE): $6.58 billion
  • JustLend (JUST): $6.55 billion
  • Uniswap (UNI): $4.13 billion
Top 5 chains by total value locked. Source: DefiLlama

It is also worth noting that Ethereum dominates 56%, and Lido dominates 41% of the total value locked among other chains and protocols, respectively.

In case the current capital inflow continues trending to DeFi, the whole decentralized ecosystem will benefit.

Investors are currently positioning themselves in the new economy, that is already outperforming multiple countries. However, decentralized finance is still highly experimental, requiring caution and proper risk management.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Cardano: Analyst Predicts Timeline When ADA May Hit The Ambitious $2 Mark Cardano: Analyst Predicts Timeline When ADA May Hit The Ambitious $2 Mark

Image
Despite working hard on expanding its ecosystem, Cardano (ADA) has yet to encounter the bullish momentum of the market. The token is currently trading at a modest price level of $0.43, unable to break past barriers despite having market support. However, ADA is poised to undergo a radical fork upgrade, which is fueling hopes for its price to catapult and reach new highs. Dubbed the Chang Hard Fork, the deployment date is speculated to be set for July 2024, after which ADA may usher in a new price, ATH. Also Read: Cardano ( ADA ) To Spike $5.50 After Chang Fork Update? This Analyst Think So ADA To $2: How? Source: Finbold Per a notable crypto analyst, Sssebi on X, the Chang Hard Fork deployment is set to play a crucial role in determining the future price of Cardano. The fork deployment ushers in governance-centric options for the ADA community to explore. This will entail having a tailored approach to carving the future path of Cardano, which will involve active co...
Read more

AI forecasts XRP price for the end of 2023

Image
The legal uncertainties surrounding XRP delve into a complex web of regulatory challenges, particularly in the context of  Ripple‘s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).  This legal tussle revolves around the SEC’s assertion that XRP qualifies as a security, a classification vehemently contested by Ripple. The intricacies of this dispute not only impact XRP’s current market standing but also project a shadow of uncertainty over its future trajectory. The outcome of this legal skirmish in 2024 holds profound implications for XRP’s regulatory standing and, consequently, its market dynamics. Investors and market participants are closely monitoring these legal proceedings, as the resolution could potentially influence not only XRP’s valuation but also set precedent for the broader cryptocurrency landscape in terms of regulatory clarity. As we navigate towards the conclusive quarter of the year, Finbold has sought insig...
Read more

Dogecoin Price Prediction: DOGE Soars 171% In A Month, But Experts Say This Vote-To-Earn Meme Coin Might Be The Best Crypto To Buy Now

Image
The Dogecoin price soared 171% in the last month and 2% in the last 24 hours to trade at $0.4389 as of 11:40 p.m. EST on trading volume that climbed 40% to $11.3 billion. Dogecoin Price Gearing Up For A Bullish Rally Continuation After a parabolic surge in the Dogecoin price in November, DOGE has now consolidated within the $0.44 range, according to data from GeckoTerminal . The range has allowed the price of Dogecoin to form a double bottom pattern, which could still push DOGE further above. To add to the general bullish outlook, the Dogecoin price still trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as the immediate support levels. Meanwhile, the Relative Strength Index (RSI) is at 62 and climbing, which suggests there is still room for upward price action without the asset being considered overbought. The Moving Average Convergence Divergence (MACD) is also suggesting a continued upward trajectory, as the blue MACD line crosses above the o...
Read more