- DeFi’s platform experienced a rise of 26.82% in Jan to reach $74.6 billion.
- AVAX is trading at $18.09, down by 8.58% in the past 24 hours.
The Decentralized Finance (DeFi) market set off to a good start at the start of 2023. As per DappRadar’s report, the Total Value Locked (TVL) of DeFi’s platform experienced a rise of 26.82% in Jan to reach $74.6 billion. During November 2022, the DeFi TVL fell nearly $50 billion, as per the data. At press time DeFi TVL recorded an all-time high for the past few months. Ethereum blockchain, with a $48.6 billion amount of TVL, showed an increase of 29% from Dec 2022.
As TVL experienced a rise in Jan 2023, DappRadar’s report stated, “The DeFi market showed signs of recovery in January 2023.”
Lido, the largest Defi market share with 14.75%, recorded a 36.77% increase in its TVL reaching $8 billion. BNB Chain and Tron TVL, with $7.1 billion and $5.3 billion, secured second and third positions, respectively. As per the report, the top DeFi performer was the Optimism record, with a 57.44% increase in its TVL with $808 million.
And another top DeFi performer was Solana, with a 57.33% increase in its TVL reaching $548 million. Solana experienced a bullish market trend for almost three consecutive days at the end of 2022.
On Jan 17, 2023, ViktorDeFi, a researcher, tweeted, “DeFi prediction markets are arguably the most underrated crypto theses for 2023.”
The total volume in DeFi is $7.81 billion, 10.47% of the total crypto market, and the volume of all stablecoins is $61.94 billion, according to CoinMarketCap. Avalanche experienced the highest growth rate since August 2022; AVAX surged by 14% at the end of Jan. At press time, AVAX is trading at $18.09, down by 8.58% in the past 24 hours. The recent collaboration of Avalanche with Amazon Web Services (AWS) helped AVAX to reach $2 billion, with a 26.84% increase.
Earlier, Anton Bukov, the co-founder of the 1-inch network, highlighted the importance of DeFi platforms. Bukov stated, “the key to DeFi adoption among institutional investors is a deep understanding of transparency benefits, trustless approach and self-custodian technologies.”
In the recent proposal of Uniswamp, a crypto exchange, to deploy v3 on the BNB Smart Chain (BSC), 80% voted in favor of the move, and nearly 20 million tokens were used for the proposal. The crypto developers believe that deploying Uniswamp V3 on the BNB chain will help to increase the popularity of DeFi within the Binance ecosystem.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.