This week, the TVL (total value locked) in several blockchain projects experienced significant shifts. Today’s data reported by DefiLlama highlighted top blockchain DeFi projects in terms of TVL. Typically, TVL is an essential indicator that gauges the amount of capital that users have deposited into DeFi projects.
Top 10 chains by TVL this week
Ethereum
Ethereum has retained its position as the largest blockchain DeFi project, with a total TVL of $61.55 billion, a 5.377% decrease over the past seven days. This shows the tremendous amount of money locked in the Ethereum network. The blockchain still leads the on-chain economy with billions of dollars in TVL from staking, lending, DEXs, and many other financial activities. Its DeFi infrastructure remains unmatched, indicating user trust.
Solana
According to the data, Solana is the second-largest blockchain DeFi project in terms of TVL because of its lower transaction fees and fast processing speed. Its TVL currently stands at $9.189 billion, a drop of 4.85% over the past week. Despite the weekly decrease, Solana’s TVL has grown by over 50% in the past 30 days, majorly fueled by a flourishing lending sector and significant money inflows from other blockchains. Its current TVL is at the highest level since February, a spike connected with the robust recovery of the SOL token and tremendous trading activity on Solana DEXs.
Tron
Tron followed as the third-largest chain based on its current $6.57 billion TVL, an increase of 0.96% in the past week. This surge is attributed by continued Tron’s continuous development. Three days ago, TRON integrated Chainlink data feeds as its main Oracle solution, abandoning the previous WINkLink option. Just like Solana and BSC, Tron has become a preferred blockchain due to its decreased gas fees and rapid transaction speed.
Bitcoin
As per the data, Bitcoin is the fourth-biggest chain, currently holding $6.246 billion in DeFi TVL. Over the past several months, the TVL in the Bitcoin blockchain has gradually grown due to two key factors. The first one is DeFi projects running on top of the blockchain continued to attract more users. The second catalyst is Bitcoin’s continued adoption, demonstrated by its price growth.
BSC (Binance Smart Chain)
Fifth on the list is Binance Smart Chain, which currently holds $6.099 billion in DeFi TVL, showcasing the BNB Chain’s high demand. The chain has remained successful due to its value proposition. It was designed for low transaction costs and rapid processing speed. It also functions as an infrastructure for a broad variety of DeFi projects, decentralized applications, and other blockchain services.
Others
Other chains that also recorded outstanding TVL performance over the past week include Base, Arbitrum, Sui, Avalanche, and Aptos.
Base, an L2 blockchain powered by Coinbase, took the sixth position with a $3.701 billion TVL, a decrease of 0.83% in the past seven days.
Arbitrum, another promising L2 solution for Ethereum, followed with a $2.558 billion TVL. As indicated by the data, Sui Network is currently the 7th largest DeFi blockchain project with a $2.052 billion TVL.
Lastly, Avalanche and Aptos settled on the ninth and 10th positions with TVLs valued at $1.48 billion and $1.289 billion, respectively.
