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.
DeFi TVL (Source: DappRadar)
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.
Blockchain-based TVL (Source: Glassnode)
BNB Chain (BNB) and Tron (TRX) are placed second and third, with $7.1 billion and $5.3 billion TVL, respectively. Both chains recorded an 18% increase in their TVL amounts in December 2022.
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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