The month of November 2023 was special for the crypto segment of decentralized finance (DeFi). This ecosystem has seen notable success during this period. A success materialized by the surge in its market shares which increased at the end of this period.
Record crypto increase of 18% for DeFi in November
In November, the decentralized finance (DeFi) sector saw notable growth. This segment of the crypto industry saw its share in this ecosystem increase by 18% compared to the previous month.
This is incredible growth for such a short period of time. Indeed, since the start of the year, the DeFi segment has not recorded such a performance score. The latter oscillating, on average, between 3.8% to 4.1%.
Several elements explain this augmentation more than remarkable. According to experts, we owe the latter mainly to crypto platforms like THORChain, PancakeSwap, Uniswap and Synthetix.
These crypto platforms contributed to the rise of the sector, taking its share to a closing figure of 4.44% at the end of November. This is accompanied by an increase in the total value locked (TVL) in DeFi protocols. These recorded an increase of 14% in November for an increase of 25% since the start of 2023.
Green growth prospects
Throughout this year, DeFi TVL has hovered around $45-50 billion. Analysts see potential for the plateau to be exceeded. The latter could then exceed $50 billion, taking into account the latest growth trends in the crypto market.
But for now, Ethereum’s Ether (ETH) continues to dominate the DeFi space. It alone takes more than 56% of the total TVL. Tron (TRX) follows with a 16% share, while BNB Chain (BNB) claims third place with a 6% share.
Of all these figures, that of crypto liquid staking stands out with a substantial amount of 27 billion dollars. The Lido Finance protocol captures an essential part of this data, contributing $20 billion to the dynamism of this category. Analysts attribute this growth to the Shanghai Update, which played a facilitating role.
More broadly, they believe that the recent surge in bitcoin (BTC) prices has also influenced this growth, leading to an overall increase in market capitalization. The latter went from 1,280 billion dollars at the beginning of November to 1,430 billion dollars at the end of the month. Remarkable crypto dynamism in a few weeks.
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