The first quarter of 2024 witnessed a DeFi explosion, driven largely by Ethereum's innovative liquid restaking solutions. Protocols like Lido and EigenLayer played a pivotal role in pushing the total value locked (TVL) in DeFi past the monumental $100 billion mark. This represents an almost two-fold increase from the lows of Q4 2023!

Solana Steps Up with Network Fix: While Ethereum basked in DeFi glory, Solana grappled with network congestion. Recognizing the issue, the Solana Foundation promptly released a patch (v1.17.31) for their mainnet beta. This update aims to alleviate the congestion woes and paves the way for further improvements in v1.18. With these fixes in place, Solana hopes to restore normalcy to its network.

Beware of DeFi Deception: A dark cloud hangs over the DeFi landscape with reports of a new scam. Crypto sleuth ZachXBT uncovered a group of fraudsters operating Leaper Finance, a lending protocol. These individuals are allegedly behind multiple "rug pulls," where investors' funds are stolen. Stay vigilant and conduct thorough research before investing in any DeFi project.

Market Mumbles: Despite the overall DeFi boom, the top 100 DeFi tokens by market cap experienced a bearish week. Most tokens ended the week in the red, with the total value locked falling below $90 billion.