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Total value locked in DeFi surpasses multiple countries’ GDP

Total value locked in DeFi surpasses multiple countries' GDP

The Decentralized Finance (DeFi) ecosystem is heating up with a massive capital inflow. Most cryptocurrencies are experiencing price surges while investors lock up value on Web3 protocols.

Notably, the Total Value Locked (TVL) in DeFi is back to yearly highs of 2023 at $52.71 billion. Finbold retrieved this data from DefiLlama on December 9. The 24-hour volume was $4.45 billion by press time, and the total funding amount was $97.74 billion.

Total Value Locked in DeFi – USD. Source: DefiLlama

The world economies’ GDPs below DeFi’s value

Interestingly, the current TVL is higher than the top 91 countries’ GDP of 2023, according to Wikipedia’s list. In particular, Uganda 2023’s GDP is $52.39 billion, Tunisia’s $51.27, and Jordan’s $50.02.

Other countries in this top 100 economic list with lower GDP than DeFi’s total value locked are Cameroon, Bolivia, Latvia, Bahrain, Paraguay, Estonia, and Nepal.

List of countries by GDP (nominal in millions). Source: Wikipedia

“Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year.”

— Wikipedia

Top chains and protocols in total value locked

After setting this new landmark among the 90 highest world economies, decentralized finance increases its global relevance. Essentially, the TVL measures the USD worth amount of tokens being staked, used, or invested in each blockchain and protocol.

First, the top 5 chains in total value locked at the time of publication are:

  • Ethereum (ETH): $29.63 billion
  • Tron (TRX): $8.19 billion
  • BNB Chain (BNB): $3.16 billion
  • Arbitrum (ARB): $2.38 billion
  • Solana (SOL): $936.52 million
Top 5 chains by total value locked. Source: DefiLlama

Second, the top 5 protocols with the highest USD value locked are:

  • Lido (LDO): $21.87 billion
  • Maker (MKR): $8.95 billion
  • Aave (AAVE): $6.58 billion
  • JustLend (JUST): $6.55 billion
  • Uniswap (UNI): $4.13 billion
Top 5 chains by total value locked. Source: DefiLlama

It is also worth noting that Ethereum dominates 56%, and Lido dominates 41% of the total value locked among other chains and protocols, respectively.

In case the current capital inflow continues trending to DeFi, the whole decentralized ecosystem will benefit.

Investors are currently positioning themselves in the new economy, that is already outperforming multiple countries. However, decentralized finance is still highly experimental, requiring caution and proper risk management.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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