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A new report published by Binance shows a 72% increase in decentralized finance (DeFi) activities, reaching $94.1 billion in the first half of the year.
Increase in DeFi Activity
The DeFi space saw an increase in inflows with total value locked (TVL) in the first six months of the year reaching $94.1 billion, an increase of 72.8%. This growth is seen in almost all sectors of the digital asset market. The crypto market recorded large institutional inflows following the approval of spot Bitcoin ETFs.
A recent market update published by Binance shows TVL rising from $54.4 billion to $94.1 billion. This marks a growth of 72% in the last six months. “This growth has benefited nearly every aspect of DeFi, including mainstream and niche markets, spurring the emergence of various protocols and providing on-chain access channels to previously inaccessible financial fundamentals… The Web3 gaming industry had a strong first quarter, However, in the second quarter, the market value of gaming project tokens and other altcoin markets fell sharply.”
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The broader market has surged to a market cap of $2.27 trillion, a year-to-date (YTD) growth of 37%. In the first quarter of 2024, market capitalization reached over $2.5 trillion, a 60% increase from 2023. According to the report, the last six months have been an airdrop season on tier 2 chains. In particular, incentive programs increased TVL by 90% to $43 billion.
Stablecoins followed a similar path, falling 14% behind their 2022 peak before Terra’s collapse. However, non-fungible tokens (NFTs) remained volatile and sales declined.
Institutional Investors Support DeFi Growth
The activities of centralized market players in the crypto market have increased prices and activity in crypto assets and DeFi. The approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) has created a new investment window for traditional players that will increase exposure to Bitcoin.
As a result of billions of dollars invested and expected bullish rallies, BTC price recorded a correction after surpassing its all-time high of $73,000. Currently, Bitcoin is trading at $67,235 and is up 6.5% in the last seven days.
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