Ethereum

In November, the decentralized finance (<a href="https://crypto.news/tag/defi/">DeFi</a>) sector’s share of the cryptocurrency market increased by 18% compared to last month. 
November also turned green for non-fungible tokens (<a href="https://crypto.news/tag/nft/">NFTs</a>). Trading volumes recently jumped 200%, according to the latest report from <a href="https://public.bnbstatic.com/static/files/research/top-10-narratives.pdf" target="_blank" rel="noopener">Binance Research</a>. 
Analysts noted that the rate remained from 3.8% to 4.1% throughout the year. However, in November, it began to overgrow. Over the month, the share of the DeFi sector increased by 18% and ended at 4.44%. The main drivers of significant growth were THORChain, PancakeSwap, Uniswap, and Synthetix. 
Additionally, since the start of 2023, the value locked (TVL) in&nbsp;DeFi&nbsp;protocols has increased by 25%, with a 14% increase in November alone. Throughout the year, the figure was at $45-50 billion. Considering the latest dynamics, we can expect a breakthrough of the $50 billion mark. 
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The dominant blockchain in the DeFi space remains Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>), accounting for over 56% of the total TVL. In second place is Tron (<a href="https://crypto.news/price/tron/">TRX</a>), with a share of 16%, and in third place is BNB Chain (<a href="https://crypto.news/price/bnb/">BNB</a>) with a share of 6%. 
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 <img loading="lazy" decoding="async" width="1024" height="410" src="https://crypto.news/app/uploads/2023/12/Screenshot-2023-12-08-at-15.21.10-1024x410.png" alt="DeFi share in crypto market increases by 18% in November - 33" class="wp-image-14225250">
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 Source: <a href="https://public.bnbstatic.com/static/files/research/top-10-narratives.pdf" target="_blank" rel="noopener">Binance Research</a>
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This year’s largest category was liquid staking, which amounted to $27 billion. Almost the entire declared amount came from the Lido Finance protocol – $20 billion. Analysts noted that the Shanghai update facilitated the growth. 
Along with the sharp rise in the BTC price in recent weeks, there has also been a sharp rise in the entire cryptocurrency market. So, if at the beginning of November the market capitalization of the crypto market was only $1.28 trillion, then at the end of last month this figure was already $1.43 trillion. Moreover, in December, the market capitalization of the cryptocurrency sector exceeded $1.6 trillion. 
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DeFi share in crypto market increases by 18% in November

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