DeFi’s total value locked (TVL) recorded an increase of 26.82% in January to reach $74.6 billion, according to DappRadar’s January Industry report.
“The DeFi market showed signs of recovery in January 2023,” the report stated, as the TVL recorded a rise in January.
Currently, DeFi TVL is at an all-time high for the last four months. According to the data, the DeFi TVL fell as low as around $50 billion during November, marking the lowest in the previous four months.
Lido Finance became the most extensive DeFi protocol in January. Its TVL recorded a 36.77% increase during the month, reaching $8 billion.
Ethereum (ETH) blockchain takes the lead in the amount of TV with $48.6 billion, which marks a 29% increase from December 2022’s $37.6 billion.
Even though it is ranked seventh in the list, Optimism (OP) stood out by recording the most significant growth in one month, recording a 57% increase from December’s $589 million to $821 million in January. Cronos (CRO) and Solana (SOL) followed OP as the second and third chains that recorded the highest growth rates, with 53% and 51%, respectively.
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