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DeFi Protocols Reach ATH Of Over $12 Billion TVL Amid New Bull Run

Decentralized Finance (DeFi) protocols have recently seen a cooling-off period of six weeks or so. Now, however, it seems that the DeFi bulls have regained their strength, pushing the total value locked (TVL) of the space to all-new record highs.

$12.5 Billion In TVL For DeFi Space

This new all-time-high (ATH) is set at $12.5 billion worth of crypto locked into various DeFi protocols, according to DeFi Pulse, a popular DeFi data aggregator.

Of particular note, however, is that around $1 billion managed to appear within the DeFi space in a matter of 48 hours. It should be noted that the precise figures are hard to produce, as various analytics platforms, including CoinMarketCap and Coingecko, show different numbers for it.

A Bit Of Disagreement Over Exact Figures

Coingecko’s tracker, for instance, reports the TVL for the DeFi space to be about $11.92 billion. This dramatic increase in TVL is primarily thanks to Bitcoin reaching a new high for 2020, recording a price of $13,200 on the 21st of October. This, in turn, was brought thanks to Paypal making it clear that it’s planning on entering the crypto space at large.

The total market cap for DeFi, as reported by Coingecko, has reached a staggering $14.3 billion in value, seeing a $2 billion increase within the past 48 hours, as well. The market cap includes the cost for all DeFi tokens, as well as Chainlink, a DeFi-adjacent token.

Election Catalyst For Growth, Says Spencer Noon

Spencer Noon, the head of DTC Capital, gave an argument that the DeFi space may be entering its second round of bull market. He highlighted that this month saw most tokens halve itself in value, but even so, the DeFi space, in particular, has been reaching ATH in the meantime.

He highlighted the TVL, as well as the market cap. According to Noon, the upcoming second phase of the bull run will make the previous one look laughable at best.

Noon further commented that many a yield farmer have moved back to Bitcoin, after these farmers had made months of substantial gains. Furthermore, this second DeFi Boom has been described by Noon to be the result of the election.

Crypto markets’ general upturn, coupled with the PayPal news, has seen solid gains across various DeFi coins for the past 24 hours, as well. This includes big names like Aave, Airswap, Curve, as well as Synthetix.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.