Solana, Ethereum, and Binance Chain TVL Figures Hit Lows for the First Time in Months – crypto.news

DeFi platforms have had their share of volatility in recent weeks. As a result, many of its assets have been absorbed into valueless prices. Ethereum, Solana, and Binance Chain have experienced a tank in total value locked to the lowest levels ever experienced.

Solana Hits its Lowest TVL in Over Eight Months

The total value of the Solana chain fell to around $4.05 billion, its lowest point since September last year, according to DeFi. It was the first time that the company’s value has dropped below the TVL since last September. Despite the slight increase in the company’s value, it is still far from the start of the year.

Over the past couple of months, the Solana ecosystem has lost almost half its TVL. The decline in the company’s value is more apparent on a year-to-date basis. The current TVL is estimated to be around 60% lower than the $11.22 billion it was at the start of the year.

Over the past seven days, the TVL of Solana has declined by almost 12%. Although it is still in fourth place in the TVL rankings, it is still below the likes of Avalanche, Ethereum, and BCH. Its main protocol Solend is recovering from its recent losses and is currently up 5.52%. On the other hand, Marinade Finance is the only company to post a positive change of 5.33%.

Meta Platforms, a leading platform for decentralized applications, has also named Solana one of the blockchains that will integrate non-fungible tokens into its ecosystem, including platforms such as Ethereum and Instagram.

Ethereum TVL is Plunging

The biggest DeFi ecosystem went into freefall last week as the markets crashed. Ethereum TVL dropped to its lowest level this year on May 15. It had a trough of around $70.81 billion, according to the DeFi Llama.

After reaching a high of around $160 million last year, the total value locked in the Ethereum network has now dropped to less than half of its value. The TVL is currently at around $71.81 billion, down 22.17% from its previous week’s level. Over the past 30 days, it has dropped by 38.55%. On a relative basis, the leading DeFi ecosystem has lost 51%.

Despite the massive losses experienced by the TVL, Ethereum has shown resilience during the current bear market. Its market share has increased during the past few months, which shows that its competitors have not been able to maintain their level of performance.

On May 8, the first day of the market-wide decline, Ethereum’s DeFi market share was 55.69%. It continued to increase during the next couple of days as the crypto sector fell. During this period, the network lost about $32.873 billion in TVL.

Binance Smart Chain Hits a New Low

One of the most popular platforms in the last 12 months is the Binance Smart Chain. According to Be[In]Crypto Research, the platform’s value has lost 45% since it started in 2022. On January 1, the total value of the platform was around $15,83 billion. On May 16, it had a TVL of $8.35 billion.

Its TVL hit a new low this week due to the continued decline of various protocols in its ecosystem. For instance, Decentralized exchange PancakeSwap lost over 19% in value last month. Biswap and Alpaca Finance, both decentralized lending platforms, have lost a significant value, about 31%, and 41%, respectively. Other cryptocurrencies such as KnightSwap and MDEX have also contributed to the overall drop in the total value locked.

Source: https://crypto.news/solana-ethereum-binance-chain-tvl-months/