With Investors Return To A Bullish Crypto Market, DeFi TVL Rises 

The downtrend experienced by the crypto market is starting to fade away. The flagship currency, Bitcoin(BTC), is moving above the $40,000 mark; meanwhile, the decentralized finance (DeFi) tokens are also shifting upwards.

As per the data from Messari, a market intelligence firm, most of the top tokens in the DeFi sector published double-digit profits in the past 30 days, with THORChain leading the way since it has experienced a rise of 199.81% along with Aave (AAVE) that also has experienced 53.95%.

Below is the roundup of DeFi state as it tries to come upfloat and get back to its early fame. 

DeFi TVL Is On The Rise 

The DeFi is conspiring to make its comeback can be confirmed by the fact that the TVL across the sector now stands at $228.05 billion, reveals the data from the DeFiLlama. 

Although many tokens still remain below their respective ATH, the TVL sector for the DeFi sector is just $28 billion short of its previous high of $256.62 billion. This means that the DeFi sector will keep expanding and attracting value as various latest protocols and blockchain networks are launched in the past few months.

Meanwhile, there is a significant increase in the number of DeFi users in 2022, and as of now, it hosts a record high of 4,562,318 unique wallet addresses.

NFT Marketplaces Surpasses DEXs

However, there is one sub-sector that is yet to witness the reversal in its downtrend, and it is the levels of activity on decentralized exchanges (DEXs) that stand at their lowest since July 2021.

Although it might appear that traders are not too keen to swap tokens in the current scenario, Token Terminal data shows it is witnessed that with the revenue earned by the top apps on the uptrend since falling in February, they have turned out to be quite active in other areas of the market. 

Over the past few months, non-fungible or NFT marketplaces such as OpenSea and LooksRare, were among the top-performing decentralized applications (DApps) by revenue, with Uniswap, Convex Finance and PancakeSwap, following it. 

With the flagship currency dominance rate at 41.7%, the overall cryptocurrency market stands at $2.151 trillion. 

Nancy J. Allen is a crypto enthusiast and 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.

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