After several days of decline, both the total value locked (TVL) and the trading volume seem to recover noticeably.
A new week closes with green numbers for the decentralized finance (DeFi) sector. Much of the sector’s momentum comes from Bitcoin’s green numbers since the beginning of the week, when it overcame the negative streak.
The largest cryptocurrency suffered a loss of ground that made many analysts doubt. In fact, a good part of the community raised the possibility that the currency would lose the $60,000 floor.
However, BTC managed to overcome it and is now established above the $70,000 barrier. This new interest on the part of investors becomes a catalyst for related markets to have a better prospect.
DeFi TVL Recovered Noticeably This Week
Among the top events in the world of DeFi this week is the recovery of TVL after a noticeable drop. During the first part of March, this marker surpassed the multi-year barrier of 100 billion dollars. However, the ebb in the middle of the month caused it to slide to $86 billion.
Since March 22, the recovery began from that point until now, when it is once again close to $100 billion. Ethereum liquid staking protocol (Lido) leads the comeback with a cumulative global $35.38 billion locked. Eigen Layer with restaking solutions follows with about $12 billion, while Aave and Maker are further back on this list.
Among the networks highlighted in this growth is Solana, which is at a 2-year high in terms of TVL. This group also includes the second layer solution, Base. At the moment, it is at historical highs with 1.16 billion dollars blocked, a push is directly related to the meme coin fever.
Thus, this week was highly positive for the DeFi sector, with the most important news events surrounding TVL.
OKX and Swell Partner to Boost Decentralized Finance
Liquid staking-focused decentralized finance company Swell announced this week a partnership with OKX. It is one of the largest cryptocurrency exchanges in the world. The goal of this new partnership is to drive decentralized finance and second-layer solutions.
Thus, the two firms will simplify access to second-layer tokens through the trading platform’s Web3 wallet. In this way, the wallet will be compatible so that its users can invest in restaking options.
As they explained, the compatibility between both sectors will make transactions between the second layer of OKX and the mainnet more fluid. In other words, users will have a simpler and more condensed experience when accessing decentralized finance.
Therefore, the week offered good news about the integration of centralized companies with DeFi.
StaFi Introduces Its Rebranding Strategy
Another positive news from the sector this week relates to StaFi’s new strategy towards the world of liquid staking as a Service (LSAAS). Thus, this new stage will include offers of liquid staking derivatives (LSDs). The latter include Ethereum, the second layers of the Ethereum virtual machine and the Cosmos ecosystem.
The idea of the proposal involves generating liquidity through the creation of a new token. This represents an underlying asset that is staked. In this way, a synthetic representative of the locked money is used in the form of liquidity to earn additional returns and rewards.
StaFi 2.0 enters the testing phase. If successful, the protocol’s offerings will go far beyond Polkadot. In that sense, the success in that ecosystem can be replicated in other networks.
This news represents the tip of the iceberg of this week’s top events in the world of DeFi.
By Audy Castaneda
