According to DappRadar, the Total Value Locked (TVL) in the Decentralized Finance (DeFi) sector has seen a significant increase in the past month.
In a new monthly analysis, DappRadar noted that the aggregate TVL of the DeFi sector has reached $159 billion in February, a 45% increase from the previous month.
This is also the highest TVL level recorded by the industry since May 2022.
DappRadar believes that the cryptocurrency industry is currently in its early stage of the current price surge.
“Traditional market indicators, such as Coinbase being the top-ranked app on the AppStore, high-profile cryptocurrency ads during the Super Bowl, or widespread fear of missing out (FOMO), are still missing.
Despite these speculative aspects, the technology and core solutions provided by DeFi are truly promising, with great potential to transform our financial system.”
The platform also noted that the NFT sector did not experience a similar growth as DeFi in February: the monthly NFT trading volume reached $1.32 billion, a 14% decrease from January.
