The total value of Ethereum locked up (TVL) increased significantly in July as a market recovery saw investors pour more liquidity into decentralized finance (DeFi).
Ethereum was one of the best-performing blockchain projects in the last month. This blockchain increased 15% of the locked value by the seventh month of 2022.
On July 1, Ethereum had a TVL of about $34.06 billion and skyrocketed to about $40.16 billion on July 31.
Ethereum TVL surged in July due to the growth in liquidity pouring into decentralized applications (dApps) within its ecosystem.
MakerDAO (which has the most TVL in Ethereum) has grown by more than 7% in the last month. Lido Finance skyrocketed over 45% in the same period. Convex Finance and Uniswap have seen 37% and 24% improvement in liquidity in total locked value respectively.
Curve also increased by more than 22%. Balancer, Arrakis Finance, and Instadapp also made significant contributions to TVL.
ETH opened on July 1 with a trading price of $1,068.32, reached a monthly high of $1,759.88, tested a monthly low of $1,033.96 and closed at $1,681.52. Altogether, this equates to a 57% increase between ETH’s opening and closing prices in July.
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