Etherеum

Total value locked in Ethereum surges 230% as ETH targets $3k

Ethereum (ETH) has reached yet another remarkable achievement, dominating decentralized finances (DeFi) total value locked (TVL) by 80%. Meanwhile, its native token, Ether, aims at the $3,000 price zone, threatening a short squeeze soon.

Remarkably, the total value locked on Ethereum’s first layer surged 231% in the last 24 hours to $100.31 billion. This sums up to recent increases, resulting in 255% and 283% changes in the last seven and 30 days, respectively.

It is worth mentioning that the above data, retrieved by Finbold from DefiLlama, does not include Ethereum’s second layers. For example, Arbitrum (ARB) has its own $2.62 billion in total value locked, ranking fourth among the DeFi chains.

Ethereum’s 80% dominance on DeFi by total value locked

Interestingly, Tron (TRX) holds the second place with over 13 times less TVL than Ethereum, with $8.063 billion.

In this context, Ethereum layer-1 now dominates the DeFi ecosystem with an impressive 80.62% TVL dominance. Tron gets a share of 6.23%, mostly on stablecoins, while BNB Chain (BNB) and Arbitrum have over 2%. Solana (SOL) is the fifth most valuable DeFi chain with a $1.34 billion TVL and a 1.04% dominance.

Ethereum’s total value locked is distributed among 1004 DeFi protocols, contributing to its ecosystem.

Ethereum price analysis

Meanwhile, ETH is trading at $2,554 per token by press time, slightly up 2% in the last 24 hours. Ether reached $2,714, its highest price of 2024, so far. On the other hand, $2,140 was the lowest for the first month of the year.

Ethereum has around $307.09 billion of market capitalization at these prices. This is three times more than its DeFi ecosystem has in total value locked, evidencing how meaningful its dominance is among other chains.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source

Click to rate this post!
[Total: 0 Average: 0]
Show More