In Brief:
- The DeFi industry has now topped $200 billion in total value locked (TVL).
- Ethereum leads with a $140B TVL, but its dominance has fallen from 98% to 68.5%
The decentralized finance (DeFi) industry crossed $200 billion in total value locked (TVL). Tracking site DeFiLlama says that this amount is double that held in late June. TVL refers to the dollar value of tokens held across various DeFi protocols like lending/trading platforms or others.
Chinese journalists Colin Wu, tweeted “According to DefiLlama, the total TVL of DeFi has exceeded $200 billion, which has doubled since the end of June. Ethereum TVL has dropped from 98% in January to 68.5%. The next rankings are BSC, Solana, Terra, Avalanche, and Fantom.”
Most projects on Ethereum blockchain hold the wide range of DeFi sector’s TVL at $140 billion. Notably, this is 55% higher than the estimate on DeFi pulse. Next includes Binance Smart Chain with $18.5 billion and Solana with $11.7 billion. Other next several biggest chains are Terra, Avalanche, and Fantom.
Moreover, DefiLlama adds some of the wide networks built on Ethereum, such as Polygon, Arbitrum, and Optimism. The rise of DeFi protocols on other chains Ethereum’s dominance is currently at 68.5%, down from 98% in January. It is somewhat that users and developers are moving to other blockchains that have less cost. During the timeframe, however, its TVL increased by 4 times.
