ETH restaking drives DeFi TVL to $100B, Solana releases patch for network congestion: Finance Redefined

The Solana Foundation claimed network congestion was due to the high demand for Solana block space and increased network activity.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The rise of total value locked (TVL) in DeFi protocols above $100 million was aided by the Ethereum liquid restaking in the first quarter of 2024. Protocols such as Lido and EigenLayer are behind the DeFi TVL resurgence.

Solana developers released a patch for the prolonged network congestion on the blockchain on April 15. They promised more patches in the near future to ensure the network returns to normalcy.

Ethereum liquid restaking drove DeFi TVL to $100 billion in first quarter

Decentralized finance TVL almost doubled in the first three months of this year compared to the previous quarter, partially driven by Ethereum liquid restaking initiatives, according to recent research.

DeFi TVL surged from a Q4 2023 low of $36 billion to peak at almost $97 billion in the first quarter of 2024, according to DefiLlama. Since the beginning of the year, it has increased by 81%, reaching a two-year high of $98 billion last week.