For the past six weeks, non-fungible tokens (NFTs) have taken center stage in the cryptocurrency space. But amid the hype around art pieces selling for millions of dollars, the decentralized finance (DeFi) market was slowly climbing.
Recent data suggests that traders are moving back to DeFi markets. Top protocols are registering an uptick in transactions and the total value of assets locked. The total value locked (TVL) on all DeFi protocols has grown to a record-high of $74 billion, according to data from CoinGecko.
Some of the biggest gainers over the past week were protocols operating on the Binance Smart Chain (BSC). Precisely, PancakeSwap (CAKE) and Venus (XVS) saw an increase in their TVLs by more than 30%. Meanwhile, THORChain (RUNE) and Alpha Finance (ALPHA) recorded an increase of 61% and 47%, respectively.
On the Ethereum side, AAVE and Balancer gained approximately 26% in TVL, while Vesper protocol saw a 35% increase over the past week.
Another point worth highlighting is that while the attention shifted away from DeFi following February lows, savvy traders were busy accumulating. CoinGecko’s data shows that the total market cap of all DeFi tokens has risen above previous highs.