Decentralized finance (defi) and smart contract platform tokens saw a significant rally on Monday morning, with the total value locked in defi surpassing $40 billion for the first time since mid-December 2022. The top smart contract platform coins by market capitalization experienced a 7.1% increase on January 9, 2023, with most seeing double-digit gains over the last week.
One standout in the defi space is Lido Finance, which has emerged as the most dominant defi protocol, surpassing Makerdao in TVL size. The overall cryptocurrency market has been in a positive trend at the start of the second week of 2023, with the entire crypto economy reaching $893 billion on Monday. Smart contract platform tokens have seen a 7.1% rise to $274 billion, accounting for about 30.68% of the entire crypto economy.
Among the top five smart contract platform coins, Solana (SOL) experienced the biggest gain, rising by 24.2% in 24 hours. Cardano (ADA) followed with an 11.7% increase, Ethereum (ETH) is up by 5.1%, BNB by 5.5%, and Polygon (MATIC) by 6.7% in the same timeframe. All five of the top smart contract assets have seen double-digit spikes over the last seven days, with SOL leading the pack at a 72.3% increase, followed by ADA at 28.8%. Ethereum (ETH) saw the lowest increase at 11.5% in the past week compared to its competitors.
The surge in the price of smart contract platform tokens has led to a rise in the total value locked (TVL) in defi as well. On January 9, 2023, the TVL in defi climbed back above $40 billion to reach approximately $41.1 billion, with Lido Finance emerging as the most dominant defi protocol with 15.92% of the TVL. Ethereum remains the most dominant in defi, with a TVL of $24.61 billion, representing 59.88% of the total locked value.
In terms of blockchain platforms, Binance Smart Chain has the second largest TVL with $4.41 billion, followed by Tron with $4.13 billion, Polygon with $1.05 billion, and Arbitrum with $1.03 billion. While the TVL in defi jumped by 2.99% over the last day, it still has a long way to reach the November 2021 high of $178.55 billion. Despite this, the positive trend in the defi space and the increasing value locked provide optimism for further growth in the sector.
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