The total value held in decentralized finance protocols has hit a one-month peak as the wider cryptocurrency market shows signs of recovery.
As per the data from DefiLlama, the global DeFi TVL currently stands at $87.3 billion — a figure not observed since August 27. However, the weekly trading volume has dipped by 2.2% over the last week, settling at $23 billion.
Importantly, the DeFi TVL fell to $75 billion on September 7, marking its first drop below this threshold since late February.
Data indicates that all of the top 10 DeFi protocols have experienced upwards momentum over the past week.
Lido has seen its TVL exceed the $25 billion threshold following a 13% increase within seven days. AAVE followed closely, with its TVL rising to $12.4 billion. EigenLayer claimed the third position with a TVL of $12.2 billion.
Additionally, the native tokens of these leading protocols, Lido DAO (LDO) and Aave (AAVE), increased by 1.5% and 7.8% in the last 24 hours, respectively. LDO is currently priced at $1.15, while AAVE has surpassed the $170 mark.
Ethena dropped out of the top 10, losing the final position to Pendle after its TVL fell by 3% over the past week.
The overall value locked in DeFi remains over 50% lower than its peak of nearly $188 billion in November 2021.
According to CoinGecko data, the global cryptocurrency market cap has grown from $2.14 trillion to $2.31 trillion in the past week. The majority of this increase occurred on September 18, coinciding with a 50 basis point interest rate cut by the U.S. Federal Reserve.
