DeFi Report February 2024!

The post DeFi Report February 2024! appeared first on Coinpedia Fintech News

The cryptocurrency industry experienced a significant uptrend in its valuation during February due to a massive price action in the market. Despite bearish sentiments during the start of the month, top tokens successfully broke out of their respective resistance levels.

As the month was a day away from its completion, the market leader, Bitcoin, successfully achieved the $63,000 mark, resulting in a significant uptrend in other tokens. With the main event, Bitcoin Halving, almost two months away, the BTC price is less than 9% away from its ATH.

The Decentralized Finance (DeFi) category followed the market trend and displayed a notable jump in its valuation. The current Total Value Locked (TVL) stands at $187.511 Billion, a change of +55.94% Month-on-Month (MOM), with newer categories experiencing a major surge.

Top Decentralized Finance (DeFi) Categories!

The DeFi category has successfully reclaimed the $150 Billion market, highlighting a significant bullish influence in the crypto industry. By achieving its primary target, the Decentralized Finance category is on the path of testing its $200 Billion mark in the coming time.

The newer sub-parts emerging as the top gainers of the category highlight the switch of interests among the investors. This article further contains the top 4 performing sub-parts of this category.

Lending:

The Lending category is presently valued at $31.571 Billion and has displayed a massive uptrend in its valuation this month. It had started the month with a valuation of $22.811 Billion and has added $8.760 Billion, a change of 38.402%,

The Kamioland has recorded the maximum gains on lending with a change of +81.31 over the past 30 days, followed by Spark with a change of 61.52% and LayerBank by adding 47.57% to their respective portfolios.

Payments:

The Payments category had started the month with a valuation of $306.87 Million and has displayed a significant jump in its valuation by adding $117.88 Million, a change of +38.41%. It is currently valued at $424.75 Million and is on a path to achieve the $500 Million mark in the coming time.

Eight out of the top ten tokens have displayed a positive price action, with Pulsar Money recording the highest gains of +1,863%, followed by Super fluid with a change of +635% in valuation. On the other hand, Telcoin has recorded a loss of 78.64% over the past 29 days.

Dexes:

The Dexes, on the other hand, had started the month at $14.372 Billion and has added $4.567 Billion, resulting in it currently being valued at $18.939 Billion, a change of 31.77% to its valuation.

The top performers among the top 10 for this month are Balancer with a change of 48.53%, followed by Curve DEX with a change of +39.13%, and Thorchain with a change of +34.18%. All top 10 tokens have recorded a positive sentiment this month, making it a successful month for the sub-part.

Liquid Staking: 

Liquid staking plays an important role in the DeFi ecosystem and is accountable for 28.5% of the Total Value Locked (TVL). It had started the month with a value of $33.475 Billion, has added $19.972 Billion, and has a present valuation of $53.447 Billion, a change of +59.66%.

Mantle Staked ETH has recorded the highest gains of 140% Month-on-Month (MOM), followed by Swell Liquid Staking with a change of +97.82% and Stake Store with a change of 75.14% to their respective portfolios.

Top DeFi Performers February!

The Decentralized Financial (DeFi) category has successfully concluded the second month positively by adding approximately 56% to its portfolio. Moreover, the recent market pump gives its investors a sign of relief about the prospects of this category.

The EigenLayer has recorded the highest gains with a change of +375.22% this month, followed by Spark with a change of +60.12% and Lido Dao with a rise of +58.60% over the past 29 days. The top 20 from the category have all recorded positive price action, making it successful for the industry.

• Lido Dao (LDO): The LDO token continues to lead the category with a current valuation of $34.171 Billion. It started this month with a value of $21.568 and has added $12.603 Billion, a change of +58.171% over this month.

• AAVE (AAVE): Aave has recorded a jump of $4.496 Billion, a change of +41.373% over the past 29 days. It had started the month with a valuation of $10.867 Billion and has completed at $34.171 Billion.

• EigenLayer: It has turned out to be the emerging one of the month with the highest gains among the top 10. It started the month at $2.03 Billion and is presently valued at $9.647 Billion, a change of +375.22%.

• Maker Dao (MKR): The Maker token loses its third spot on the table despite recording a jump of +22.71% in valuation. The MKR token started the month at $7.718 Billion and is currently valued at $9.42 Billion.

• JustLend: It has relatively recorded smaller gains when compared to other top tokens, a jump of around $897 Million this month, from $6.204 Billion to $7.101 Billion, a change of +14.45%. 

Conclusion:

The DeFi category is predicted to achieve a new high this year as it has successfully recorded a massive upswing in the chart. Further, the DeFi category is on a constant rise for the fourth consecutive month, indicating a rise in the inflow of digital assets in the crypto market.

With the present bullish sentiment in the industry, a possible altseason, and Bitcoin Halving around the corner, the upcoming month is predicted to play a significant role in the industry as the top tokens are on the verge of breaking their major resistance level.