DeFi TVL Roars Back 37.9% as Ether Surge Lifts Value
DeFi's dollar-denominated value rebounded sharply in Q3, but the increase may reflect asset-price gains more than new demand for decentralized financial products. The total value locked (TVL) in DeFi protocols rose to $95.42 billion on September 26, up $26.24 billion, or 37.9%, from June 30.
The growth is largely due to the increase in Ethereum-related TVL, which climbed from $37.35 billion to $53.54 billion during the quarter as Ether (ETH) rose 67%. Ethereum represented 56.1% of total DeFi TVL on September 26, up from 54% at the end of June.
Stablecoin supply only increased by $2 billion during the quarter, reaching $311.6 billion from $309.6 billion. This indicates that higher asset valuations accounted for part of the increase, rather than all of it reflecting new dollar capital.