Total Value Locked in DeFi Sector Hits Record $13.6B
The U.S. dollar value of the cryptocurrency liquidity locked up in decentralized finance is surging, buoyed by big gains for some lesser known projects.
The U.S. dollar value of the cryptocurrency liquidity locked up in all decentralized finance (DeFi) projects has hit another record.
- At around 08:00 UTC on Thursday, the total value locked (TVL), as provided by analytics website DeFi Pulse, reached a new lifetime high of $13.62 billion.
- Harvest Finance, the decentralized platform that lets users automatically “farm” assets from other DeFi platforms, is helping the charge with its TVL almost doubling over 24 hours.
- The 84% boost to Harvest's TVL, in U.S. dollar terms, saw it jump from $473.5 million to over $890 million, just shy of its record TVL at $1.09 billion seen on Oct. 23. It currently ranks sixth among other DeFi projects.
- Lesser-known projects, DFI Money and ForTube also saw big hikes in locked liquidity, with 24-hour gains of over 45% and 36%, respectively.
- "People have been fascinated by high-yield, risk-free strategies," said Ki Young Ju, CEO at analytics firm CryptoQuant. "For conservative investors, staking on DeFi projects is a better strategy than holding or utilizing other risk-free strategies like arbitrage on exchanges."
- The DeFi sector has been on a tear this year, after hitting $1 billion TVL in February, the sector currently holds 13 times greater value.
- The last all-time high of around $12.5 billion was hit in late October, preceding a temporary $1 billion slump before rising sharply again to Thursday's record.
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