Total Value Locked In Decentralized Finance Approaches $200 billion, Ethereum-Competitors Get Attention

As of today, the TVL (total value locked) in decentralized finance (DeFi) is around $176 billion across multiple blockchains. A solid and steady growth was observed, as the TVL is nearing the $200 billion mark since the inception of the crypto ecosystem.

Over the last year, decentralized finance (DeFi) sector has evolved at a much faster rate with several DeFi applications and decentralized exchanges (DEX) coming to the market. As a result, blockchain networks like Ethereum (ETH) and its competitors have been looking to get the most of the market share.

The Ethereum blockchain continues to enjoy a lion’s share in the DeFi space. Currently, ETH continues to lead with $130 billion of the aggregate total locked. Still, at the same time, multiple blockchains like Binance, Terra, Polygon, Solana, and Avalanche have seen a constant uplift which are considered as direct competition with Ethereum. 

Recently, we have seen how Solana has emerged as a popular choice among DeFi players to host their applications. The Solana blockchain TVL shot closed to $4 billion over the last few weeks thereby helping SOL to rally to $150 levels and make a spot in the top ten crypto list.

In an overview comparison, Binance Smart Chain (BSC) has around $19.05 billion TVL. Seconded by Terra ($7.84B), Polygon ($5.34B), Solana ($4.3B), Avalanche ($2.36B) and Klaytn ($1.29B). The most recent launch of the Arbitrum mainnet scaling solution for Ethereum was approximately $2.3 million TVL on 5th Sep, Sunday. Uniswap holds 3% market dominance among the family of defi applications.

According to some sources, statistics show there’s been $19 billion in the total pool during the last seven days. Nearly $2.24 billion over the previous 24 hours, Uniswap commands 69.2% of the decentralized exchange volume across all 16 platforms.

The leading platforms in the global market are Aave, Compound, Anchor, Venus, and Cream Finance. Last one-week statistics show Uniswap exchanged approximately $13 billion in international trades. Majorly the volume stems directly from DEX applications. Meanwhile, the rest are channeled through decentralized exchange aggregators like 1inch, 0x API, Matcha, and Paraswap. The number of DeFi users or unique addresses across Ethereum-based defi apps is 3.3 million.

Convex Finance is presently the market leader, followed by Yearn Finance, Alpaca Finance, Tranches, and Autofarm when yield-based TVL rankings are considered. Today, the live Wrapped Bitcoin price is USD 51,699.04 with a 24-hour trading volume of USD 189,622,531, the largest DeFi asset. The second and third largest DeFi asset is Huobi BTC with $1.74 billion and Mirror (MIR) with $1.01 billion.