DeFi Sector Sees Record $60 Billion Total Value Locked, Fueled by Lido Finance and Restaking Surge
Rise in TVL highlights growing interest in DeFi, with liquid staking and restaking emerging as key trends
The decentralized finance (DeFi) ecosystem experiences a significant resurgence as the total value locked (TVL) reaches an unprecedented $60 billion, marking a milestone not seen in 18 months. This surge underscores the escalating interest in DeFi, propelled by innovative protocols like Lido Finance and the emerging narrative surrounding restaking.
The DeFi ecosystem's TVL has soared by 68%, skyrocketing from $36 billion in October 2023 to $60.55 billion, fueled by both the cryptocurrency market rally and groundbreaking sector advancements, particularly in liquid staking and restaking.
Leading the charge in liquid staking, Lido Finance commands a substantial 37% market share, boasting a TVL of $22.65 billion with a notable 4.50% growth over the past seven days. The protocol inches closer to a significant milestone of 10 million staked ETH, constituting an impressive 72.13% of all liquid-staked Ethereum.
Moreover, the total liquid-staked Ethereum within the DeFi sector has surged to 13.20 million ETH, valued at $31.17 billion, further highlighting the sector's robust growth.
A noteworthy trend gaining traction in 2024 is Ethereum restaking, offering users the ability to utilize the same ETH across multiple protocols, thereby enhancing security across platforms. This innovative approach has played a pivotal role in fortifying the resilience of smaller and emerging blockchains by leveraging Ethereum's well-established security infrastructure.