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DeFi applications outside of Ethereum are growing strongly. TVL reaches a new all-time high

The growth of new networks compatible with smart contracts is generating a large increase in the total blocked value (TVL) in DeFi. Currently this value stands at $ 176,370 million, decreasing a slight 1.07% in the last 24 hours after having marked a historical maximum.

Total value locked in DeFi apps.  Source: DeFi Llama.
Total locked value in DeFi apps. Source: DeFi Llama.

New networks gain prominence in the DeFi space, Ethereum stands firm

Despite Ethereum being the undisputed leader in this segment of the crypto market, new networks such as Solana and Polygon are attracting more and more attention, thanks to the increased scalability they offer.

Today we continue to observe a great strength of the Ethereum network, with $ 129,380 million in total blocked value (TVL). The 8 largest DeFi works mainly on this network.

Then we find the Binance Smart Chain, which despite its short history, has already managed to be crowned as the 2nd largest network in the DeFi space, thanks to a TVL of $ 19,020 million. PancakeSwap belongs to this network, and today it is the 9th largest decentralized application, with a TVL of $ 6.67 billion.

The 3rd largest DeFi network is Terra, thanks to a TVL of $ 7.53 billion. This is a blockchain that is dedicated to offering stablecoins linked to fiat currencies, in order to feed the payment system worldwide.

Polygon and Solana grow rapidly

In 4th and 5th place we find the prosperous Polygon and Solana networks, which have been growing exponentially in recent months.

Polygon accumulates a locked value of $ 5.210 million. This DeFi network is mainly a 2nd layer alternative, which seeks the development and scaling of Ethereum, being an escape valve from the congestion of said network. Its success can be quickly verified, when we observe that the two largest DeFi (AAVE and Compund) have already adopted it.

Solana, for her part, is barely a few months old, and already has a TVL of $ 4.930 million. Only in the last 7 days this value has increased by 53.8%. The most relevant applications of this network are currently Raydium, Saber and Sunny.

Ethereum is hands down the largest network among DeFi, but other networks are starting to grow strongly.  Source: DeFi Llama.
Ethereum is arguably the largest network among DeFi, but other networks are starting to grow strongly. Source: DeFi Llama.

The hottest decentralized apps of the moment

AAVE solidly remains the # 1 DeFi app, offering its platform for decentralized lending. Its locked value is $ 16,120 million, and it has grown by 19.11% in the last 7 days.

If we look for the applications that have grown the most during the last 7 days, we find Scream with 430%, Mensa protocol with 356% and Port Finance thanks to an increase of 165%.

Top 10 DeFi with the highest growth in recent days.  Source: DeFi Llama.
Top 10 DeFi with the highest growth in recent days. Source: DeFi Llama.

Reviewing the different sections of the DeFi market we find that:

  • The decentralized exchanges segment continues to be led by Curve, with 13.96 billion TVL. In 2nd and 3rd place are PancakeSwap and Uniswap respectively.
  • On the other hand, in the yield farming space, the current leader is Convex Finance. Yearn Finance is in the top 2, while Alpaca Finance is in the top 3.

All our publications are informative, so in no case should they be followed as investment advice.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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