Bitcoin's rise brings the value of assets in decentralized finance to more than $100 billion.

 

Bitcoin's rise brings the value of

assets in :

decentralized finance to more than $100 billion.

The decentralized finance sector (DeFi) exceeded an important milestone

with the total closed value (TVL) in

DeFi protocols reaching more than $100 billion.

The sharp rise in closed capital on the chain is due to renewed enthusiasm 

around bitcoin and the launch of instant bitcoin ETFs in January.

According to DefiLlama :

1. the leading data provider of DeFi statistics
2. the globally closed value in DeFi protocols
3. was $100.1 billion

accompanied by a trading volume of 

more than $10 billion over the past 24 hours by the time of writing.

Although these figures do not reach the previous record of $189 billion set in

November 2021 However, they represent a major achievement for DeFi.

Staking platforms top

charts in terms of the value of closed assets (TVL).

Top of the list of closed values is the leading platforms liquid quota protocol Lido

with $38.7 billion locked on the chain.

They are heavily followed at the forefront by the EigenLayer quota system

and the Aave Protocol, where more than $11 billion have been secured each.

DeFi's high value of

• closed assets and exceeding the $100 billion mark

• is a historic occasion, marking the first time in nearly

• two years that the sector has reached such highs.

This growth can escalate to the positive sentiment that has returned to

digital markets since the launch of Bitcoin ETFs.

Institutional demand for Bitcoin ETFs was influential in raising

the cryptocurrency price to all-time highs, topping $70,000 on March 8.

The latest research from BitMEX revealed that assets in

bitcoin ETFs reached $28 billion that day.

It should be noted that this analysis excludes Bitcoin trust assets managed

by Grayscale, which have undergone conversion

From an offshore product to an ETF in January.

Offshore trading platforms face a lack of bitcoin.

• Rumours circulated on social media

• platforms about facing an OTC shortage of bitcoin

• and recourse to public exchanges to meet customers' requests.

Offshore trading offices typically target large-scale traders

including institutional investors.

As a result, several cryptocurrency exchanges

such as Benance, Quinbiz, Cracken, and Petbite, have been central.

Service interruptions due to increased volume when bitcoin exceeded $60,000.

To manage the growing demand, Crypto.com CEO Chris Marczalek revealed

The exchange has hired an additional 480 customer service representatives.

The higher price of 

1. bitcoin has also affected
2. the increase in the price of
3. meme currencies.

Meme currencies such as KORRA have seen a massive 577% rise over the last week

It is followed by Ribbit (RIBBIT) at 235% and Pugh AI (PUGAI) at 232%.

Note that famous icons such as Sheba Inu and Bibi recorded gains of 168%

and 165% respectively. As a result, the market 

for meme currencies is currently worth $61 billion.

Moreover

1. meme trends pushed Dogcoin and Ship to
2. the top 1 codes in terms of market value
3. $26 billion and $20 billion, respectively.

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