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Usman Abdulkadir
Oct 05, 2021 11:23AM ET
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Total Value Locked in DeFi Chains Tops $200 Billion
Total Value Locked in DeFi Chains Tops $200 Billion
- Total Value Locked (TVL) of several decentralized finance (DeFi) chains topped $200B.
- Ethereum’s TVL dominates with around 69%.
Total Value Locked (TVL) of several decentralized finance (DeFi) chains topped $200 billion with Ethereum’s TVL dominance of about 69%.
In the first week of October, many DeFi tokens have seen huge gains, totaling around $195 billion. This means that DeFi TVL jumped by over 14% in the last two weeks. Axie Infinity and Shiba Inu are among the top gainers.
According to Markets Bitcoin, the crypto market is seeing a significant gain this week. Specifically, DeFi coins and smart contract tokens are the ones basking in the spotlight.
In addition, reports show that digital assets like QTUM spiked 47%, Terra LUNA surged 37%, Solana (SOL) increased by 22%, and Binance coin (BNB) rose by 23%.
What’s more, Axie Infinity (AXS) and Shiba Inu (SHIB) are the two mega gainers this week as they increased by 119.8% and 92.3% respectively in the last 7 days. As a result of this surge, the total value locked (TVL) in DeFi protocols increased to about $195 billion. Thus, it is up more than 14% since September 18.
However, Ethereum (ETH), the second-largest crypto by market cap, still dominates the most in terms of TVL with $135.05 billion. This means ETH commands 69.2% of the entire DeFi TVL.
In addition, Binance Smart Chain (BSC) follows with around $17.03 billion in TVL. It means the BSC protocol’s TVL is 12.59% of the aggregate TVL value locked on the Ethereum blockchain.
Further, Solana comes after BSC with $11.5 billion, Terra with $10.07 billion, and Polygon with $4.6 billion. Following their tracks are Avalanche with $4 billion, Fantom with $2.31 billion, and Waves with $1.85 billion.
Note that between Waves and the Binance Smart Chain TVL, the 7 blockchains hold roughly 26.15% of the $195 billion.
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