The total blocked value in DeFi reaches ATH

Altcoins and DeFi tokens

have been on an upward wave for the past two weeks. With the end of the month approaching, many projects are reaching new records of popularity. Sponsored The

data shows that most of

the

DeFi tokens from the TOP10 have gained more than 20% in value over the past 30 days. Some projects such as Bancor (BNT) and THORChain (RUNE), for example, have seen gains

exceeding even 115%. The total blocked value in DeFi reaches ATHThe total blocked value in DeFi reaches ATH TOP 10 DeFi assets by price. Source: Messari

Let’s take a look at some of the factors behind the current rise in value of DeFi tokens and the projects that are leading the way in terms of protocol updates and cross-chain interoperability.

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Total locked value in DeFi reaches new all-time record

Data from

DeFi

Llama

shows that the total locked value (TVL) across all DeFi protocols has reached a new all-time record. ATH was captured at $157.06 billion. According to many analysts, it is TVL that is one of the best sentiment indicators in the decentralized finance ecosystem. The total blocked value in DeFi reaches ATHThe total blocked value in DeFi reaches ATH Total value locked in DeFi. Source: DeFiLliama

During its previous rise, TVL’s reaching a record high coincided with the rise in prices of Bitcoin (BTC) and Ethereum (ETH). These coins hit their all-time records at the same time. This time, Bitcoin

and Ether are more than 24% below their ATHs, but the total value locked in DeFi has surpassed the previous record.

This suggests that DeFi tokens have attracted more investor attention. This is because they have multifaceted applications, both in the cryptocurrency and decentralized finance ecosystem. Typically, it is Uniswap (UNI) and SushiSwap (SUSHI) that lead the pry

m among the DeFi tokens. However, there were several other strong performers this week. Convex Finance was up 22% and PancakeSwap gained 17.84%.

New protocols attract investors’ attention

The past 3 months have also seen the emergence of popular new protocols from DeFi, such as DinoSwap, and competitors to the Ethereum network, such as Avalanche (AVAX). They have brought fresh energy and funding to the decentralized finance ecosystem.

DinoSwap and Avalanche have benefited from users fleeing high fees on the Ethereum network. This is because both projects offer lower transaction costs and faster processing times through their cross-chain bridges.

Avalanche on August 18 launched its incentive program called “Avalanche Rush”. It brought a surge of activity from the protocols involved, including Aave, Curve and SushiSwap. This liquidity mining program proved to be quite popular. It also contributed to the resurgence of the native AVAX token, which went above $50 for the first time since February.

In the first half of the year, DeFi tokens gained value earlier than any type of cryptocurrency. This was followed by a surge in the price of NFT and NFT-related assets. As the summer draws to a close and NFTs continue to record new sales and volume records on a daily basis, it is possible that a rotation in the sector is about to occur. Perhaps the DeFi sector is ready to begin another great run and continue the second leg of the bull market.

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