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DeFi TVL Finally Recovers, Algorand Hits New ATH

Tue, 10/18/2022 - 01:44
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Wahid Pessarlay
DeFi TVL hit the $54 billion mark again, while Algorand hit a new all-time high
DeFi TVL Finally Recovers, Algorand Hits New ATH
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According to data provided by the leading decentralized finance (DeFi) total value locked (TVL) aggregator DeFi Llama, the TVL in DeFi protocols has rebounded to the $54 billion mark.

DeFi TVL - Source: DeFi Llama
Source: DeFi Llama

Per the data, the total TVL was down — between $53.7 and $53.29 billion — since Oct. 12. It’s important to note that in September, the TVL was down to $52.22 billion, the lowest since March 2021.

Currently, the largest DeFi protocol across all chains remains the Ethereum-based MakerDAO with a market dominance of 14.48% and $7.83 billion TVL. 

Algorand hits new all-time highs

The young proof-of-stake (PoS) blockchain Algorand — initially released in 2019 — just hit an all-time high (ATH) of $275.15 million, according to DeFi Llama data. 

Furthermore, the top DeFi protocol in Algorand, called Algofi, saw a nearly 33% increase in its TVL in the past 30 days. According to DeFi Llama data, Algofi has a 48% market dominance with a TVL of roughly $133 million.

The new milestone has also affected Algorand’s native utility token ALGO, giving it a roughly 3% push to the upside. ALGO is trading at $0.33 at the time of writing, according to CoinMarketCap Data.

Last week, Solana’s (SOL) TVL dropped 12.5% to $1.1 billion due to the Mango hack, according to a U.Today report. The numbers are still declining. Solana’s TVL has now plunged to $928 million, per DeFi Llama data.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.