DeFi Tokens Rebound as Crypto Market Adds $70B

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In Brief
  • DeFi tokens posting strong gains as BTC consolidates.

  • TVL figures are still very healthy across top protocols.

  • New DeFi Index has been spotted on the Bloomberg Terminal.

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Decentralized finance (DeFi) tokens are leading today’s market push which has increased total cryptocurrency market capitalization to over $1.5 trillion once again.

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Crypto markets are starting to show signs of recovery today as the total capitalization gains 2%, or $70 billion, over the past 24 hours.

DeFi related assets are leading the charge with some surging double figures after the past eight weeks of mostly bearish trading.  

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CoinGecko’s top-100 DeFi tokens by market cap index reports a market cap of $79 billion which represents around 5.3% of the total. This has increased by almost 7% over the past 24 hours suggesting DeFi tokens are in the lead today.

DeFi market cap 7-day chart by Coingecko

Top performers and TVL   

The top-performing DeFi asset in that list is Instadapp’s newly launched governance token INST. The token has surged a whopping 62% over the past 24 hours to reach $5.22.

The Alpha Finance ALPHA token has pumped 50% on the day to reach $0.758. Meanwhile, Enzyme Finance’s MLN token takes third place with a 38% surge following a Yearn Finance partnership and Binance listing.

Other DeFi tokens performing strongly today from that list include Synthetix (SNX), Aave (AAVE), Linear (LINA), Perpetual Protocol (PERP), and Compound Finance’s COMP.

In terms of total value locked (TVL), DappRadar is reporting a total of $81 billion across all platforms listed. DeFiLlama, which lists a lot more, puts the total TVL at $112 billion.

The leading protocol at the time in terms of TVL is Aave with around $8.7 billion locked up. Uniswap is a close second with $8.4 billion in collateral lockup while Curve Finance comes in third with $7.3 billion according to DappRadar.

The total amount locked into Binance Smart Chain-based projects is $18.9 billion according to BSCproject. The PancakeSwap DEX leads the pile here with a TVL of $7.5 billion.

All TVL figures are down between 20-30% from their mid-May peaks, but they have been making solid gains over the past week or two.

Bloomberg DeFi index

In a related development, a new DeFi Index has been spied on the Bloomberg Terminal. Screenshots were posted by Bloomberg TV’s Joe Weisenthal on July 6.

The index is sourced from the MVIS CryptoCompare DeFi 20 Index which includes the top-20 assets in the sector, accordingly weighted.

DeFiPulse has its own index called the DPI, which was trading up 15% on the day, and IndexCoop launched a Metaverse Index for NFTs in April.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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