DeFi TVL increased 26.82% in January DeFi TVL increased 26.82% in January
DappRadar states, "The DeFi market showed signs of recovery in January 2023," as TVL closes January at $74.6 billion.
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Updated: Feb. 9, 2023 at 10:02 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
Blockchain TVL
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.
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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Posted In: DeFi
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Ethereum
$3,393.78
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Optimism
$1.80817
Optimism is a layer-2 scaling network for the Ethereum blockchain.
Solana
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.