The IOTA network is witnessing significant growth in decentralized finance (DeFi) activity, reaching a new record in total value locked (TVL). In a short period, the TVL has risen to over $16 million.
Growth of DeFi Activity on IOTA
IOTA has seen a sharp increase in DeFi activity, with the total value locked (TVL) soaring from zero to over $16 million in just one week. This surge came with the launch of the Rebased upgrade that introduced smart contracts and liquid staking on its Layer 1 platform. According to DeFiLlama data, IOTA’s TVL peaked at $16.14 million but later slightly adjusted to $15.51 million.
Liquid Staking Protocols
Swirl, the first liquid staking platform on IOTA, now manages $14.78 million in TVL. Despite a 17.75% decrease over the past week, its monthly growth is nearly 50%, indicating sustained interest in the platform. Other projects are also gaining traction: Pools Finance, a decentralized exchange, has reached $9.63 million in TVL, while Virtue, a protocol based on collateralized debt positions, holds $5.88 million with a daily growth rate of 1.81%.
Analysts' Predictions for IOTA Prices
Market analysts are observing bullish signals for IOTA. A popular analyst on X, Crypto Dream, noted that the current price trend resembles IOTA's breakout in 2020. He pointed out that a price rally to $1 is plausible if previous trends repeat. As of now, the token trades at $0.20, with a market capitalization of $800 million, and has seen a 2.02% increase in the past 24 hours.
The growth of IOTA in the DeFi sector and the introduction of new technologies highlight its increasing significance in the cryptocurrency ecosystem. The rising TVL and interest in new products signify growing trust among users and developers in the platform.
