Ethereum, Tron, Solana, BNB Chain, and Base Lead the Way

DeFi grows further with a value of more than $8.4B locked in different blockchain solutions. The most represented blockchains are Ethereum, Tron, Solana, BNB Chain, and Base, which account for a considerable share of the total value locked (TVL). According to information from DeFiLamma, the new entrants are joining the competition for the higher TVL.

Ethereum Retains the Top Spot

Ethereum continues to dominate blockchain, with TVL at $48.5B. There is still a wide range of decentralized protocols, over 1,190, built on Ethereum despite a 1.35% decrease in the last 30 days, primarily because of its network effects and developed ecosystem.

Tron and Solana Secure Second and Third Positions

Taking the second position is Tron with the $6.97B TVL, but, unfortunately, it decreased by 16.8% over the past 30 days. Tron has low transaction fees and provides solutions for stablecoins, especially USDT.

Solana is a relatively new DeFi player that is quickly climbing up the charts with its TVL of $6.20B, which has risen by 24.2% in a month. Solana has 165 protocols on its blockchain.

BNB Chain and Base Follow

BNB Chain is the fourth largest blockchain by TVL, containing $4.69B in value. The BNB Chain has seen a constant growth rate of 1.69% during the past 30 days and has more than 804 protocols. 

The base has been in the market for some time, boasting a TVL of $2.48B, a 30.6% increase within one month. The base is an Ethereum Layer 2 scaling solution with optimistic rollups that can afford to be transacted at a higher speed for less cost.

Arbitrum, Bitcoin, and Polygon Contribute Strongly

Another Ethereum Layer 2 scaling solution is Arbitrum, which has locked in $2.39B but has dipped 7.30%in a month. Arbitrum is still moving to prominence as more users look for affordable and efficient solutions. 

Initially a digital currency primarily for storing value, Bitcoin is now widely integrated into DeFi through different platforms that offer BTC-based tokens. It holds $ 2.17B in value today, up an incredible 142% over the last 30 days.

Polygon has a TVL of $1.05B, which has risen by 16.8% in a month. On this front, Polygon currently stands with 579 protocols because developers prefer to work with a Layer 2 chain solution.

Avalanche and Sui Among Rising Contenders

Avalanche secured $1.04B TVL, which increased by 8.53%. Likewise, the newer blockchain protocol, Sui, received $991M in TVL, which increased by 14.2%. Such platforms are drawing the developers and users who seek the most scalable solutions with revolutionary consensus mechanisms.

Emerging Players: Aptos, Scroll, Hyperliquid and others

Aptos, Scroll, and Hyperliquid are emerging slowly. At Aptos, TVL has soared by an incredible 68.6%, grossing $887M in value. Scroll has $788M locked, while $756M is locked in Hyperliquid. These platforms indicate that there is variety and product differentiation in the DeFi market. Last on the chart are blast and optimism, with TVL of $696M and $667M, respectively. 

Due to the existing challenges in the cryptocurrency market, it is apparent that as blockchain-based networks develop further, the competition to occupy the maximum TVL will increase. As new protocols are deployed and solutions such as Layer 2 rollups are steadily emerging, the DeFi space is ready for further development.

Source: https://blockchainreporter.net/88-4b-locked-in-blockchain-protocols-ethereum-tron-solana-bnb-chain-and-base-lead-the-way/