Total value locked in DeFi protocols surpasses $6B as Aaave paves the way

• The total value of BTC and ETH locked in DeFi has exceeded $6 billion. 
• The total value locked surged by 10% in less than 24 hours. 
• Recent developments in Aave and Curve Finance could’ve caused the spike in the overall value.

The total value of Bitcoin and Ethereum locked in decentralized finance (DeFi) protocols has surpassed $6 billion recently, according to DeFiPulse. This is a result of over 10% surge in total value locked (TVL) across multiple protocols in one day. 

Many recent DeFi announcements could have caused the recent surge in TVL. Aave (LEND) cryptocurrency lending platform recently announced the launch of distributed governance testing on Ethereum’s Ropsten testnet. Following this, the protocol saw a spike of 70% in TVL in less than 24 hours. 

Curve Finance, a stablecoin swap platform, also recently launched the CRV token and CurveDAO for their play at decentralized governance. This resulted in a TVL increase of a whopping 175% in just hours.

LEND/USDT daily chart

LEND/USDT bulls took charge of the market for the fourth straight day. Aave’s price has currently gone up from $0.588 to $0.598. This continuous bullish price action has pushed the relative strength index (RSI) into the overbought zone. As per the price chart, there are four healthy support levels at – $0.44, $0.4038 (SMA 20), $0.353 and $0.3072 (SMA 50).