The total value locked (TVL) — arguably an equivalent of traditional finance's assets under management — of decentralized finance (DeFi) protocols exploded over the last year and is a testament to the staggering growth this industry is seeing.
What Happened: According to research released by DappRadar on Thursday, the current DeFi TVL is $114.8 billion — an increase of 936% since the same time last year. The same metric also increased by 75% between July 23 and Sept. 5, reaching a peak of $195 billion.
See Also: WHAT IS DEFI?
The report also highlights that Ethereum ETH/USD is still the dominant ecosystem in the DeFi space despite increasingly heated competition with protocols such as Solana SOL/USD, Binance Smart Chain BNB/USD and Avalanche AVAX/USD.
Ethereum leads the way by hosting 68% of the TVL, followed by Binance Smart Chain with 15.5%. The report did not include Solana and its $9.5 billion locked, which accounts for 8.27%, according to DeFi data service Defi Llama.
Photo: Nick Chong via Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
