DeFi TVL Surges to New Heights, Led by Bridges and Restaking
The DeFi ecosystem has rebounded, with total value locked (TVL) reaching heights last seen in early 2022. Bridges and Restaking categories lead the growth, while some sectors lag.
Bridges are nearing their old high of 31 billion dollars in TVL, with WBTC leading the pack. Restaking, a newer category, has a total TVL of 35 billion, split between 'with liquid tokens' and 'without liquid tokens' sub-categories. However, not all DeFi categories are contributing equally to this growth. CDPs, primarily Maker and DAI, have a stable TVL of 10 billion, growing only slightly this year.
The growth of DeFi is primarily driven by rising token prices, especially Ethereum, rather than new users. The number of Unique Active Wallets (UAW) in DeFi has decreased by 21 percent since the beginning of the year. Lending's current TVL is 35 billion, close to its peak of 50 billion, with AAVE dominating the market. Lending and Restaking categories have shown significant growth, while Decentralized Exchanges (DEXes) and CDPs have not.
The DeFi ecosystem's recovery is evident, with TVL reaching previous highs. Bridges and Restaking lead the growth, while other categories lag. Despite a decrease in active users, rising token prices drive the growth. The future of DeFi depends on how these categories evolve and adapt to market conditions.
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