DeFi tokens gain 50% in November as TVL hits $118B

Decentralised finance (DeFi) tokens have surged over 50% in November, pushing the total value locked (TVL) in DeFi protocols to $118.4 billion on November 25, levels last seen in 2021.

The rally is attributed to renewed investor confidence following the U.S. elections and expectations for regulatory clarity.

According to The Tie Terminal, several DeFi tokens posted substantial gains.

Curve Finance’s CRV token jumped 120.23% in the past 30 days, while Athena’s ENA (CRYPTO:ENA) gained 77.6%.

Other notable performers include dYdX (CRYPTO:DYDX) up 53.7% and Lido (CRYPTO:LDO) rising 64.9%.

Tokens from PancakeSwap (CRYPTO:CAKE), Uniswap (CRYPTO:UNI), and SushiSwap (CRYPTO:SUSHI) also saw gains of 53.8%, 54.7%, and 57.9%, respectively.

The growth in DeFi aligns with a broader positive trend in cryptocurrency markets.

“The correlation between major altcoins and Bitcoin has declined significantly, which allows for more alpha opportunities and higher diversification,” analysts at Bitwise noted.

Between November 18 and 22, Bitcoin’s market cap dominance dropped below 60%, enabling a shift in focus toward altcoins.

Market movements are also influenced by Gary Gensler’s upcoming resignation as SEC Chair, announced on November 21.

This development has fueled speculation about a more favorable regulatory environment for digital assets.

Despite the strong performance of DeFi tokens, Bitcoin remains near $96,000 as long-term holders take profits, preventing it from breaking the $100,000 mark.

Meanwhile, weekly inflows into global crypto exchange-traded funds (ETFs) reached a record $3.1 billion by November 22, reflecting heightened interest in the crypto sector.