DeFi total value locked (TVL) saw an increase of 26.82% in January to reach $74.6 billion, according to DappRadar’s January industry report.

“The DeFi market showed signs of recovery in January 2023,” the report stated, as the TVL registered an increase in January.

DeFi TVL (Source: DappRadar)

DeFi TVL is currently at its highest point for the past four months. According to the data, DeFi TVL fell as low as around $50 billion during November, marking the lowest level in the previous four months.

Lido Finance became the most extensive DeFi protocol in January. Its TVL registered an increase of 36.77% in the month, reaching $8,000 million.

Blockchain TVL

The Ethereum (ETH) blockchain takes the lead in TV amount with $48.6 billion, marking a 29% increase from $37.6 billion in December 2022.

Blockchain-based TVL (Source: Glassnode)

BNB Chain (BNB) and Tron (TRX) rank second and third, with $7.1 billion and $5.3 billion TVL, respectively. Both chains recorded an 18% increase in their TVL amounts in December 2022.

Although it ranks seventh on the list, Optimism (OP) stood out by posting the most significant growth in a month, posting a 57% increase from $589 million in December to $821 million in January. Cronos (CRO) and Solana (SOL) followed OP as the second and third chains with the highest growth rates, with 53% and 51%, respectively.

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