Stellar's DeFi ecosystem has reached a new milestone. On November 24, its total value locked (TVL) hit a record high of $61M. This represents a 150% increase over the previous high of $24M, set in mid-November.
The expansion is driven by five decentralized exchanges (DEXs), lending software, and a stablecoin project. An important cause is the recent increase in XLM, Stellar's native coin. XLM's price has risen by more than 400% since early November, reaching $0.5.
Stellar's outperformance is attributed to its partnership with Ripple. Markets are hoping that Gary Gensler's eventual retirement as SEC chairman will end the regulator's probe against Ripple. Aquarius Stellar, a rapidly developing DEX, saw its TVL increase by 240% to $8.4M in a week. LumenSwap, the largest DEX, reached a record $23M TVL. Its daily trade volume rose to $27M.
Blend, Stellar's sole loan dapp, raised a record $12.8M TVL. XLM accounts for 94% of its deposits. Stellar's dapps are now among the top weekly performers in DeFi. Is this a new signal for an alt bull run? It remains to be seen.
