The decentralized finance (DeFi) sector appears to be on the road to recovery after a substantial period of stagnation.
The total value locked (TVL) in DeFi platforms dropped from over $50 billion to below $40 billion following the collapse of crypto derivative exchange FTX in November last year.
But data from DefiLlama suggest that the crypto sub-sector is back on track as the overall TVL in DeFi platforms again breached the $50 billion mark.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
The overall DeFi TVL hit $51.1 billion on February 16th, the first time it reached that level since the FTX crash. The TVL is now down to $48.78 billion at time of writing.
Lido DAO (LDO) has the highest TVL among the DeFi protocols. The total value locked into the platform is now at $8.67 billion, up by 12.07% from last month. The Ethereum (ETH) staking service also accounts for 17.77% of the total DeFi TVL.
MakerDao (MKR) follows Lido with $7.4 billion in TVL, marking an increase of 5.95% from last month. Curve DAO (CRV) is next with $4.97 billion, up by 13.89% from last month.
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