Stellar DeFi TVL Reaches Record $61M Amid XLM’s 400% Price Surge - NFTgators

Stellar, one of the oldest layer 1 chains with smart contract functionality, saw its total value locked (TVL) in supported decentralized applications (dapps) hit a record $61 million on Sunday, November 24, according to data from DefiLlama.

This marks a more than 150% increase from the previous record established in mid-November at $24 million.

Stellar’s TVL growth has been driven by its five decentralized exchange (DEX) apps, the main lending app, and a decentralized stablecoin project.

One of the main reasons behind the TVL growth on these protocols is the recent surge in the price of XLM, Stellar’s native cryptocurrency, which is supported by all these dapps. XLM has surged by over 400% since the beginning of November to over $0.5, setting the highest level since May 2021.

Stellar has benefited from the crypto market’s bullish sentiment, but it has outperformed most crypto coins due to its association with Ripple. Markets hope that the recent resignation of Gary Gensler, who served as chief of the US Securities and Exchanges Commission (SEC), will end the regulator’s litigation against Ripple. Both Stellar and Ripple are regarded as innovative crypto payment systems.

Aquarius Stellar has been one of the fastest-growing DEX apps on Stellar, with its TVL gaining over 240% in the past week to a record $8.4 million. It hosts several pools containing XLM, AQUA – its native token, and multiple stablecoins. Trading volume has been on the rise.

Other fast-growing DEXs include LumenSwap, the largest one with a record $23 million in TVL, as well as Scopuly and Soroswap. On LumenSwap, daily trading volume soared to a record $27 million after maintaining below $1 million for multiple months.