February 2024 DeFi Report Unveiled
The cryptocurrency industry witnessed a significant surge in its value in February due to a massive price movement in the market. Despite a bearish start to the month, top tokens managed to break through their respective resistance levels.
As the month neared its end, Bitcoin, the market leader, successfully reached the $63,000 mark, leading to a significant uptrend in other tokens. With the highly anticipated Bitcoin Halving event just two months away, the price of BTC is less than 9% away from its all-time high.
The Decentralized Finance (DeFi) category followed the market trend and experienced a notable increase in its value. The current Total Value Locked (TVL) stands at $187.511 billion, marking a month-on-month change of +55.94%. Newer categories within DeFi have also seen a major surge.
The DeFi category has now reclaimed the $150 billion market, showcasing a significant bullish influence in the crypto industry. By achieving this milestone, the Decentralized Finance category is on track to test the $200 billion mark in the near future.
The emergence of new sub-categories as top gainers within the DeFi category indicates a shift in investor interests. This article will highlight the top four performing sub-categories.
Lending:
The Lending category is currently valued at $31.571 billion and has experienced a substantial increase in value this month. Starting the month at $22.811 billion, it has added $8.760 billion, marking a change of 38.402%.
Kamioland has recorded the highest gains in lending with a change of +81.31% over the past 30 days, followed by Spark with a change of 61.52% and LayerBank with a gain of 47.57% in their respective portfolios.
Payments:
The Payments category started the month at a valuation of $306.87 million and has seen a significant jump in value, adding $117.88 million, a change of +38.41%. It is currently valued at $424.75 million and is on track to reach the $500 million mark in the near future.
Eight out of the top ten tokens in the Payments category have experienced a positive price movement, with Pulsar Money recording the highest gains of +1,863%, followed by Superfluid with a change of +635%. However, Telcoin has recorded a loss of 78.64% over the past 29 days.
Dexes:
The Dexes category started the month at $14.372 billion and has added $4.567 billion, resulting in a current valuation of $18.939 billion, a change of 31.77%.
The top performers among the top ten tokens in this category for the 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 ten tokens have recorded positive sentiment this month, making it a successful period for the sub-category.
Liquid Staking:
Liquid staking plays a crucial role in the DeFi ecosystem and accounts for 28.5% of the Total Value Locked (TVL). Starting the month at a value of $33.475 billion, it has added $19.972 billion and currently has a 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% in their respective portfolios.
Top DeFi Performers in February:
The Decentralized Finance category has concluded the second month on a positive note, adding approximately 56% to its portfolio. The recent market pump provides investors with reassurance about the potential of this category.
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. All of the top 20 tokens in the category have experienced positive price action, making it a successful month for the industry.
Lido Dao (LDO): The LDO token continues to lead the category with a current valuation of $34.171 billion. It started the month at $21.568 billion and has added $12.603 billion, a change of +58.171% over the month.
AAVE (AAVE): Aave has seen a jump of $4.496 billion, a change of +41.373% over the past 29 days. It started the month at a valuation of $10.867 billion and finished at $34.171 billion.
EigenLayer: This token has emerged as the top gainer of the month, with the highest gains among the top 10. Starting the month at $2.03 billion, it is currently valued at $9.647 billion, a change of +375.22%.
Maker Dao (MKR): Despite recording a jump of +22.71% in valuation, the Maker token has lost its third spot on the table. It started the month at $7.718 billion and is currently valued at $9.42 billion.
JustLend: This token has relatively smaller gains compared to other top tokens, with an increase of around $897 million this month, from $6.204 billion to $7.101 billion, a change of +14.45%.
In conclusion, the DeFi category is expected to reach new heights this year as it continues to experience significant growth. With a bullish sentiment in the industry, the possibility of an altseason, and the upcoming Bitcoin Halving, the next month is predicted to play a significant role as top tokens approach major resistance levels.