Recently, the total value frozen by DeFi worldwide topped $100.1 billion. Nevertheless, these amounts are still less than the $189 billion record set in November 2021. The atmosphere surrounding the cryptocurrency business is being fueled by the demand for Bitcoin, which on March 9 raised the amount of capital locked on the chain to above $100 billion.
With nearly $10 billion in volume over the previous day, the global total value locked (TVL) in decentralised finance protocols topped $100.1 billion, according to data from DefiLlama. These numbers, nonetheless, are still less than the $189 billion high set in November 2021.
The methodology for liquid staking The staking ecosystem EigenLayer and the AAVE protocol, with $11.5 billion in TVL and $38.7 billion locked on-chain, respectively, trail Lido at the top of the charts.
This marks DeFi TVL’s first time surpassing the $100 billion threshold in almost two years. Since spot Bitcoin exchange-traded funds (ETFs) were introduced in January, the cryptocurrency markets have seen a revival of bullish attitude, which is likely the cause of the upward trend. Cryptocurrency prices this week reached fresh all-time highs, surpassing $70,000 on March 8, driven by institutional demand for Bitcoin ETFs. Assets in Bitcoin ETFs increased to $28 billion on the same day, according to BitMEX Research.
The fund that Grayscale changed from an over-the-counter (OTC) product to an exchange-traded fund (ETF) in January is not included in the analysis.
Rumours are circulating on X (previously Twitter) of OTC trading platforms running out of Bitcoin and having to use public exchanges to satisfy customer demands. Large-volume traders, such institutional investors, are usually served by OTC desks.
A spike in trade activity following Bitcoin’s $60,000 milestone has caused problems on a number of centralised cryptocurrency exchanges, including Binance, Coinbase, Kraken, and Bybit. CEO of Crypto.com Kris Marszalek stated that in order to meet the increased demand, the exchange brought on 480 extra customer service agents.
“All of the algorithmic trading firms are vastly increasing the rate of order placements and cancels they want to send to the matching engine to maintain their positions because there’s so much retail interest and the price action is moving so fast,” Ivo Crnkovic-Rubsamen, chief strategy officer and technical lead for trading at dydx exchange, Said.
Memecoins have increased dramatically in recent days because to the rise in Bitcoin. Memecoin KORRA has increased by 577% over the past seven days, according to data provided by Bitget Research. Ribbit (RIBBIT) has increased by 235%, and PUG AI (PUGAI) has increased by 232% during the same time frame.
Well-known tokens with gains of 168% and 165%, respectively, include Shiba Inu (SHIB) and Pepe (PEPE).According to Bitget data, as of this writing, Memecoins’ market valuation is $61 billion.