DeFi Total Value Locked Zooms To $50B, Blast Deposits And Solana-Based Protocols Drive Growth
Portfolio Pulse from Khyathi Dalal
The total value locked in DeFi protocols reached $49.6 billion on Dec. 5, 2023, marking a significant increase from multiyear lows in mid-October. Blast, a Layer 2 project, attracted over $700 million in deposits, with assets locked until at least March 2024. Ethereum, a key DeFi asset, rose 42% since Oct. 13, outpacing the overall DeFi market. Lido and RocketPool, liquid staking services, hold 45% of DeFi's total value. Solana-based protocols marginfi, Jito, and Marinade Finance saw TVL increases of 60-120% in the past 30 days, with institutional interest in Solana growing as evidenced by Grayscale's Solana Trust trading at an 869% premium.
December 05, 2023 | 7:32 pm
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POSITIVE IMPACT
Ethereum's price rose 42% since Oct. 13, 2023, and is the primary asset used in DeFi, with the transition to proof-of-stake and liquid staking services like Lido and RocketPool contributing to its growth.
Ethereum's significant role in the DeFi market and its recent price increase suggest a positive short-term impact on its value, especially with its proof-of-stake transition and the popularity of liquid staking services.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Solana-based protocols have seen significant increases in total value locked, with institutional interest on the rise as evidenced by Grayscale's Solana Trust trading at a high premium.
The reported increases in TVL for Solana-based protocols and the premium on Grayscale's Solana Trust indicate a growing institutional interest, which could lead to a positive short-term price impact for Solana.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80