In November, the decentralized finance (DeFi) sector experienced significant growth in its share of the cryptocurrency market, increasing by 18% compared to the previous month.

The non-fungible token (NFT) market also saw positive developments in November, with trading volumes surging by 200%, as reported by Binance Research.

Throughout the year, the DeFi sector’s market share had remained relatively stable, ranging from 3.8% to 4.1%. However, November marked a notable upswing, with the sector’s share increasing by 18% to reach 4.44%. This growth was primarily driven by projects such as THORChain, PancakeSwap, Uniswap, and Synthetix.

The total value locked (TVL) in DeFi protocols has experienced a 25% increase since the beginning of 2023, with November alone contributing a 14% rise. Throughout the year, the TVL figure hovered around $45-50 billion, and with the recent momentum, it is expected to surpass the $50 billion mark.

Ethereum (ETH) remains the dominant blockchain in the DeFi space, accounting for over 56% of the total TVL. Tron (TRX) holds the second position with a 16% share, followed by BNB Chain (BNB) at 6%.

Liquid staking emerged as the largest category this year, reaching $27 billion in value. The majority of this amount came from the Lido Finance protocol, contributing $20 billion. Analysts noted that the Shanghai update played a significant role in facilitating this growth.

Along with the rise in Bitcoin’s price in recent weeks, the overall cryptocurrency market has experienced a significant rise. The market capitalization, which stood at $1.28 trillion at the beginning of November, reached $1.43 trillion by the end of the month. Furthermore, in December, the market capitalization of the cryptocurrency sector exceeded $1.6 trillion.