Ethereum remains a leader in the decentralized finance (DeFi) sector with a Total Value Locked (TVL) of $84.73 billion. For one, this daunting figure emphasizes Ethereum’s first-mover advantage in smart contracts and liquidity provision. Solana is a distant second with a DeFi TVL at $10.10 billion. This phenomenal figure mirrors a 7.7% increase over the last week, with its 24-hour Decentralized Exchange (DEX) volume at approximately $1.796 billion. It’s worth noting that many other networks are currently taking major steps in the DeFi ecosystem as well.
DeFi TVL Across Various Blockchains
Putting BSC at third among networks by total value locked (TVL) at $6.933 billion. At the same time, Bitcoin closely trails right behind, recording a TVL of $6.896 billion and a 24-hour decentralized exchange (DEX) volume of $5.18 million. Tron comes in third with a TVL of $5.949 billion, representing a 2.02% increase over the past week. Currently, Base accounts a $4.321 billion total value locked (TVL). Having experienced a 4% increase over the week, it further boasts $18.675 billion in bridged TVL. According to DefiLlama, Arbitrum has a TVL of $2.942 billion, plus a bridged TVL of $16.598 billion.
The total bridged TVL across all these networks is currently at just over $88.384 billion. Of that total, stablecoins account for about $82.406 billion of the total value locked. The price of the Ethereum’s token (or ETH) is nearly $3714 at the moment. Its bridged TVL recently crossed $490.7 billion, confirming its power and sovereignty over the #DeFi space.
Emerging Networks and Their Performance
Mysten Studios’ Sui has a TVL of $2.264 billion – a 4% increase over the last week. Hyperliquid L1 has a TVL of $2.075 billion, representing a remarkable 5.5% increase over the same period. Emerging networks such as Arbitrum and Optimism are rapidly solidifying their places in the DeFi ecosystem. In this race, they lure new users and developers in with superior solutions and services.
This development in these networks’ growth speaks to a further diversification of the DeFi ecosystem, extending beyond just the big names. As these platforms mature, they’ll pose a serious threat to Ethereum and Solana’s dominance. This change would not only give users more travel options, but more economic opportunities.
Ethereum's Continued Dominance
While alternative networks are increasing, Ethereum’s TVL is still very impressive. Its large ecosystem continues to solidify its position as the App chain leader and the most popular blockchain for DeFi applications. Its first-mover advantage in smart contracts and liquidity provision has consistently attracted a more vibrant community. Virtually every developer, project and user is rushing to get in on the act.
Soaring transaction costs on Ethereum are pushing an increasing amount of blockchain activity in new directions. This is why networks like Solana, BSC, and Arbitrum are exploding right now. These platforms provide users with lower fees and faster transaction speeds, drawing away users who are looking for a more efficient DeFi experience.
