Ethereum was one of the top performing blockchain projects last month. Be[In]Crypto research found that in the seventh month of 2022, the total amount locked in Ethereum increased by 24%.
On July 1st, the TVL of Ethereum was about 46 billion U.S. dollars on July 31st, and it soared to about 57 billion U.S. dollars.
Why is TVL rising?
Ethereum`s TVL rose in July as liquidity grew and decentralized applications (dApps) integrated into its ecosystem.
MakerDAO (Ethereum`s most TVL) is up over 7% in the last month. During the same period, Lido Financial surged more than 45%. ConvexFinance and Uniswap liquidity strengthened by 37% and 24% of the total value locked respectively. The curve also increased by over 22%. Balancer, ArrakisFinance and Instadapp made another great contribution to TVL.
Source: DeFiLlama's Ethereum TVL Ranking
In July, Ethereum remained the largest chain by value.
ETH price reaction
ETH opened on July 1, with a trading price of 1068.32 US dollars, touching a monthly high of 1759.88 US dollars, a monthly low of 1033.96 US dollars, and closing at 1681.52 US dollars. Overall, this equates to a 57% rise in ETH between the opening and closing prices in July.
