Decentralized finance projects “DeFi” rebound and total closed value “TVL” reaches a new record

Decentralized finance projects “DeFi” rebound and total closed value “TVL” reaches a new record

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Answer Decentralized finance projects “DeFi” rebound and total closed value “TVL” reaches a new record

Decentralized Finance (DeFi) projects recorded the highest Total Closed Value (TVL) today, on the back of the overall crypto market recovery.

According to the dataDeFi calls“The closed value of decentralized finance projects has reached $223.23 billion, a massive rise from the $21.4 billion level recorded from January 1 this year.

According to DeFi Llama platform, Ethereum-based liquidity pools such as Curve Finance are holding the largest share of the $17.08 billion pie from TVL.

Aave lending protocol is next with a total of $17.02 billion, while Project Maker has a closed value of $15.43 billion.

DeFi’s growth has largely maintained an upward trajectory, as more and more investors, including individual and institutional investors, are beginning to take advantage of the earning options and high interest rates offered by the emerging protocols that make up the offerings of the decentralized ecosystem.

Read:Find out the details of the approval of the first Bitcoin ETF in Latin America

Decentralized finance poses the most immediate threat to traditional finance, as lending protocols, for example, help lower barriers to entry to obtain loans and reduce all previous paper-based and traditional procedures.

Many new investors also find it easy to allocate their money into a DeFi system because these protocols are governed by smart contracts, making them invulnerable to human-fueled regulatory management lapses.

Growth and Expansion:

There is a more positive outlook in the cryptocurrency industry, fueled by optimism with the approval of the first Bitcoin futures trading fund (ETF) in the USA.

The “ProShares Bitcoin Strategy ETF” may be launched as soon as tomorrow, Monday, 18th October, marking the end of investor anticipation for such a product.

With the advent of the ETF, more money will be injected into the entire industry, and there is bound to be a portion of the flow to the DeFi arena.

A number of investment managers, including Grayscale, have begun offering products and funds that track the performance of DeFi protocols, opening up additional avenues for further adoption of DeFi cryptocurrencies.

Besides TVL growth, DeFi cryptocurrencies are also seeing an additional boost with their prices increasing and their total market capitalization rising to over $130 billion according to CoinMarketCap data.

Read:Binance Investor: EOS Project 100% Scam

Read also:

Bitcoin’s dominance in the crypto market reaches its highest level in 3 months

Two people arrested in illegal crypto-mining and 90 devices confiscated

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