Binance – Breakthrough DeFi Markets

The DeFi market has experienced a significant increase in capital influx in 2024, with the total value locked rising by 75.1% to US$94.9B. This growth has benefited various DeFi sectors, leading to the emergence of differentiated markets offering previously unavailable financial products on-chain. Yield has become the 8th largest DeFi market by TVL after a 148.6% increase to US$9.1B this year. Pendle has played a key role in bringing interest rate derivatives on-chain, experiencing a remarkable 1962% growth to US$4.8B. Stablecoins have also seen a surge in market cap, with Ethena becoming the 5th largest stablecoin with a US$2.4B market cap, thanks to its unique delta-neutral strategy. Money markets have grown as well, with a 47.2% increase in TVL to US$32.7B this year. Morpho and its products, Morpho Blue and MetaMorpho, have attracted billions in deposits by combining traditional lending with isolated markets. Prediction markets have also seen growth, with TVL reaching US$55.1M and Polymarket experiencing a significant resurgence. The market upswing has revitalized on-chain derivatives activity, with Hyperliquid becoming the second largest by trading volume after dYdX. Hyperliquid's high-performance, fully on-chain perps DEX offers CEX-like experiences and unique products, contributing to its market share growth.