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DeFi Surges by $1.32 Billion in Just One Week

DeFi Surges by $1.32 Billion in Just One Week

DeFi projects have added $1.32 billion to the total value locked (TVL) in its smart contracts in one week. As per metrics site DeFiPulse, the DeFi TVL has risen from $11.16 billion to over $12 billion.

Source: DefiPulse
Source: DefiPulse

Remarkably, over half of the $12 billion DeFi TVL is contained in the top three projects. These are Uniswap, Maker, and Wrapped Bitcoin. As a matter of fact, if this keeps up, Uniswap protocol could break $3 billion TVL by Monday, according to DeFiPulse.

DeFi fans also took it to Twitter to comment on their views regarding the rise in the platform’s TVL. Wrapped BTC account for the rise, said Coinbase’s Luke Youngblood. To add on, some even wonder if the altcoin season is back.

Significantly, the vast majority of that $12.48 billion has been invested this year. Furthermore, most of it is locked into Ethereum.

Interestingly, some DeFi projects have experienced a surge in price over the past week. Firstly, the YFI price increased to $15,231.82 at the time of writing. Also, Chainlink rose above $12 while Avve soared to almost $50 at the time of writing.

Meanwhile, USDC and Dai reported higher trading volume on DeFi in Q3. Moreover, there was a 120% growth in stablecoin supply, expanding from $10 billion as of May to over $22 billion as of writing.

In fact, USDC doubled its market-share by growing from 10.7% to over 22% in Q3. Notably, DAI seems to have done reasonably well. It grew over four times in market-share on volume moved by evolving from 4% in Q1 to over 17%.

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