Hyperliquid, Sui, & Avalanche Surge into Top 10 as Ethereum Leads
Weekly Update: Top Blockchains by Total Value Locked (TVL) in DeFi
The Total Value Locked (TVL) metric serves as a vital gauge for assessing the performance and vitality of blockchain networks within the decentralized finance (DeFi) sector. Recent insights from market analyst DefiLlama reveal the blockchains that have experienced notable TVL growth over the past week.
Leading Blockchains by TVL This Week
Ethereum
Ethereum continues to dominate the DeFi landscape, retaining its status as the blockchain with the highest TVL. Currently, the total assets secured on this network amount to an impressive $64.34 billion, reflecting a 2.84% increase over the last week. This growth indicates a surge in market interest and bolstered institutional trust in Ethereum’s capabilities.
Solana
In second place is Solana, which has achieved a TVL of $8.535 billion. This figure represents the total assets locked in various decentralized projects on its network. The blockchain’s swift transaction speeds, lower fees, and increasing adoption of DeFi applications are key factors driving its upward trajectory in TVL.
Bitcoin
Bitcoin ranks third, showcasing significant growth in the value of assets locked within its decentralized framework. The current TVL for Bitcoin stands at $6.293 billion, marking a slight decline of 1.39% over the past week. This figure underscores the rising user engagement and activity in Bitcoin’s DeFi ecosystem, particularly with the emergence of staking options and scaling solutions that enhance decentralized investment opportunities.
Binance Smart Chain (BSC)
BSC holds the fourth position with a TVL of $6.005 billion, reflecting a modest increase of 0.37% this week. This growth suggests that DeFi protocols on the Binance Smart Chain are successfully attracting more investments, indicating strong investor confidence in its ecosystem.
TRON
TRON secures the fifth spot with a TVL of $4.809 billion. This achievement highlights the platform’s importance in the crypto space, known for its efficient and cost-effective cross-chain asset management, staking, and digital asset services, thus offering users a comprehensive trading experience.
Other Noteworthy Performers
Several other blockchains have also demonstrated significant TVL this week, including Base, Arbitrum, Hyperliquid, Sui, and Avalanche.
Base, a Layer 2 network developed by Coinbase, ranks sixth with a TVL of $3.444 billion, reflecting a 2.70% increase. This positions Base as the leading DeFi network among Layer 2 solutions.
Arbitrum follows in seventh place with a TVL of $2.522 billion. Hyperliquid, a decentralized exchange built on its Layer 1 blockchain, comes next with a TVL of $1.85 billion.
Sui, another Layer 1 blockchain, holds a TVL of $1.85 billion, showcasing growing adoption and activity within its ecosystem, placing it ninth on the list.
Finally, Avalanche rounds out the top ten with a TVL of $1.506 billion, indicating its emergence as a significant player in the DeFi arena.
Nicholas Otieno is a fintech journalist with a focus on cryptocurrency markets. Since 2019, he has been dedicated to educating readers about the transformative potential of cryptocurrency for global prosperity. A Bitcoin enthusiast, Nicholas believes strongly in its foundational principles. His work has appeared in various reputable publications, including Finance Magnates, Blockchain.News, Bitcoin Magazine, and Coincub. Outside of writing, he enjoys household activities, spending time with friends, listening to music, and watching football.
