Ethereum (ETH) has reached yet another remarkable achievement, dominating decentralized finances (DeFi) total value locked (TVL) by 80%. Meanwhile, its native token, Ether, aims at the $3,000 price zone, threatening a short squeeze soon.
Remarkably, the total value locked on Ethereum’s first layer surged 231% in the last 24 hours to $100.31 billion. This sums up to recent increases, resulting in 255% and 283% changes in the last seven and 30 days, respectively.
Total value locked on the top 5 DeFi chains. Source: DefiLlama
It is worth mentioning that the above data, retrieved by Finbold from DefiLlama, does not include Ethereum’s second layers. For example, Arbitrum (ARB) has its own $2.62 billion in total value locked, ranking fourth among the DeFi chains.
Pie chart: Total value locked in all chains. Source: DefiLlama
Ethereum’s total value locked is distributed among 1004 DeFi protocols, contributing to its ecosystem.
Ethereum price analysis
Meanwhile, ETH is trading at $2,554 per token by press time, slightly up 2% in the last 24 hours. Ether reached $2,714, its highest price of 2024, so far. On the other hand, $2,140 was the lowest for the first month of the year.
ETH/USD 4-hour price chart. Source: TradingView
Ethereum has around $307.09 billion of market capitalization at these prices. This is three times more than its DeFi ecosystem has in total value locked, evidencing how meaningful its dominance is among other chains.
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