DeFi TVL Hits $100 bn Amid A Bitcoin-Fueled Surge
The surge in demand for Bitcoin has significantly impacted the cryptocurrency industry, particularly in decentralized finance (DeFi) protocols.
DeFi protocols have surpassed $100 billion in total value locked, with Lido, EigenLayer, and Aave protocol securing over $11 billion in locked capital.
This surge is largely due to the positive sentiment in the crypto markets, driven by the introduction of spot Bitcoin ETFs. Assets in Bitcoin ETFs surged to $28 billion on March 8, excluding assets from Grayscale’s Bitcoin Trust, which transitioned to an ETF in January.
Rapid price fluctuations in Bitcoin have compelled algorithmic trading firms to increase order placements and cancellations.
The cumulative market capitalization of memecoins currently stands at $61 billion, with Dogecoin and SHIB emerging as top 1 tokens by market cap.
(With inputs from Shikha Singh)
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