The USD value of the cryptocurrency liquidity locked up altogether in Defi [Decentralized Finance] projects has hit another record.
In line with a recent official announcement, the entire value locked [TVL], as provided by analytics website DeFi Pulse, reached a new lifetime high of $13.62 Bln.
Harvest Finance, the decentralized platform that lets users automatically “farm” assets from other DeFi platforms, helps the charge with its TVL almost doubling over 24 hours.
The 84% boost to Harvest’s TVL, in USD terms, saw it jump from $473.5 Mln to over $890 Mln, just shy of its record TVL at $1.09 Bln seen earlier on 23rd Oct. It presently ranks at 6th position among other DeFi projects.
Lesser-known projects, DFI Money and ForTube also saw big hikes in locked liquidity, with 24-hour gains of over 45% & 36%, respectively.
“People are fascinated by high-yield, risk-free strategies,” added Ki-Young Ju, CEO at analytics firm CryptoQuant. “For conservative investors, staking on DeFi projects may be a better strategy than holding or utilizing other risk-free strategies like arbitrage on exchanges.”
The DeFi sector has been on a tear this year, after hitting $1 Bln TVL earlier in the month of February, the world presently holds 13x times greater value.
The last all-time high of over $12.5 Bln was hit in late October, preceding a short-lived $1 Bln slump before rising sharply again to Thursday’s record.