🌎 DeFi TVL Hits One-Month High as Crypto Market Recovers

The total value locked in decentralized finance (DeFi) protocols has reached its one-month high as the broader crypto market recovers.

According to data provided by DefiLlama, the global DeFi TVL is currently at $87.3 billion — a level last seen on Aug. 27. However, the weekly trading volume declined by 2.2% in the last seven days, hovering around $23 billion.

Top 10 DeFi Protocols

On Sept. 23, data showed that the top 10 leading DeFi protocols have all recorded bullish momentum over the past week.

Lido’s TVL surpassed the $25 billion mark after a 13% rise in seven days. Similarly, AAVE witnessed significant growth, with its TVL surging to $12.4 billion. EigenLayer secured the third spot with a TVL of $12.2 billion.

Moreover, the native tokens of the top two protocols, Lido DAO (LDO) and Aave (AAVE), rose by 1.5% and 7.8% in the past 24 hours, respectively. LDO is currently trading at $1.15, and AAVE has surpassed $170.

Ethena lost the 10th spot to Pendle after its TVL decreased by 3% over the past week.

Market Trends

The total value locked in DeFi is still down over 50% from its November 2021 high near $188 billion.

In the broader cryptocurrency market, the global market capitalization rose from $2.14 trillion to $2.31 trillion over the past week. Most of the gains were recorded on Sept. 18, as the U.S. Federal Reserve cut its interest rates by 50 basis points.