The Decentralized Finance (DeFi) sector is riding strong in October after a month-long market lull. The latest charts show figures hitting all-time highs with respect to liquidity stored on these protocols.
The total value locked (USD) has established a new peak after soaring above $236 billion on October 26th. According to Defi Llama, the TVL figures have maintained a steady uptrend over the past month. In addition to the broader cryptocurrency realm, DeFi too had a rather rough month as the market fluctuated tremendously. However, the trend changed, and the board looks optimistic.
Ethereum Bounces Back
Ethereum (ETH), the decentralized finance hub, came to the rescue as it peaked as well. TVL locked in ETH-based protocols surged past an astonishing $160 billion this week. As a matter of fact, these levels were last seen on September 6th.
Lending and Decentralized Exchanges (DEXs) on the Ethereum network continued to draw intense activity. Notably, even though lending continued to drive more inflows, it was the DEXs that recorded more participation in recent weeks. Hence, the latest boom indicated an increasing level of confidence and interest which could spur higher inflows in the days to come.
Fantom Follows Suit
Ethereum, a prominent market leader, isn’t the only one contributing to the rapidly growing TVL. Fantom, for one, has mostly remained unfazed throughout the ups and downs of the last few months. As a result, it has managed to create a history for its entire ecosystem.
The strong investor base and the ongoing hype can be attributed to the network recently onboarding the Kyber DEX to enhance the liquidity for token swaps. Fantom also went on to add TrueUSD to ramp up the network’s transactional capabilities and bridge the gap between the legacy and the decentralized finance market.
The flurry of positive news by the network is reflected in the price action of its native token, FTM. The asset, which now stood at the 25th position, has also been hitting new highs every day for the past week, and there is no stopping this bullish momentum. Over the past day alone, FTM rose by 13.18% and was trading at $3.28.
Following the suit was yet another prominent public blockchain platform, Solana. Its TVL neared $14 billion today. The biggest contributor was the liquid staking protocol Marinade Finance which has garnered immense significant interest. On the other hand, Avalanche protocol also fetched a new TVL score rising above $8 billion.