The TVL in decentralized apps is USD 235.52 billion, close to the all-time high of USD 256.53 billion. Over the last week, LUNA has been the first DeFi token by market capitalization, while BSW has been the best performing.
The return of the DeFi boom could generate price increases among the tokens in that segment, thanks to the significant incoming capital. The following analysis will allow an understanding of the behavior of the decentralized finance market.
The Leading DeFi Protocols Are on the Rise
The total value locked (TVL) in decentralized apps has reached USD 235.52 billion, approaching the USD 256.53 billion all-time high. That indicates that this market has resumed the upward trend in adoption.
That figure has increased by almost 20% over the last 30 days, as the leading DeFi protocols have been rapidly growing.
The leading decentralized protocol Curve dominates the DeFi segment by 8.98%. Over the last month, the TVL of that app has increased by 19.32%.
The second-largest DeFi app, Lido, has grown by 62.77% over the last 30 days. Meanwhile, the TVL of Anchor, which occupies third place, has increased by 39.50% in the same period.
LUNA Is the Most Prominent DeFi Token
LUNA is trading at around USD 109 and has accumulated a 0.1% gain over the last seven days. Its daily trading volume is above USD 3.77 billion, and its market capitalization is about USD 38.66 billion, according to CoinGecko.
Thanks to its market capitalization, the native token of the Terra blockchain is now the first DeFi token. The price of LUNA has recently reached new all-time highs, showing no signs of exhaustion.
Even though the bullish momentum has spread widely, the price has entered unknown territory. There might be further volatility to the upside before the value undergoes a significant correction.
Avalanche (AVAX) follows that line of leadership, with a market capitalization of USD 22.93 billion. Unlike LUNA, that cryptocurrency has fallen slightly over the last seven days, accumulating a 1.64% loss.
Wrapped Bitcoin (WBTC), the native token of the Chainlink (LINK) oracle network, and Uniswap (UNI) have recently tilted slightly lower. However, they have maintained steady long-term upward trends.
WBTC is trading at around USD 43,695 and has accumulated a 7.9% loss over the last seven days. Meanwhile, UNI is worth around USD 10.24 and has lost 8.8% over the past week, according to CoinGecko.
The Best-Performing DeFi Tokens over the Last Week
Analysis of the DeFi tokens that have best performed over the last seven days reveals impressive gains.
Biswap (BSW) is trading at around USD 1.21 and has accumulated a 97.2% gain over the last week. Its trading volume is above USD 210.45 million, and its market capitalization is about USD 272.74 million. It occupies 241st place in the cryptocurrency ranking, according to CoinGecko.
Frax Share (FXS), Bakery Swap (BAKE), Alpha Venture DAO (ALPHA), and Mobox (MBOX) are also part of the top 5 DeFi tokens. They have accumulated gains between 38% and 63% over the last seven days.
By Alexander Salazar
