TVL is a significant metric that showcases the success and growth of blockchain networks within the DeFi sector.
New data from DefiLlama has highlighted the top blockchain networks that experienced significant growth in TVL (total value locked) this week. This indicates a heightened interest from investors in these particular networks.
Top 10 Chains by TVL
Ethereum
Ethereum continues to lead the DeFi space, serving as the primary platform for decentralized applications. The latest data reveals Ethereum’s TVL at $84.053 billion, marking a 17.05% increase over the past week. This surge in TVL signifies a growing confidence among investors, with a substantial rise from $57.2 billion recorded just a month ago on June 23.
Solana
Following closely is Solana with a TVL of $9.864 billion, showing an 8.41% growth in the past week. The robust user engagement and network utility have positioned Solana as the second-highest capital locked chain in the DeFi landscape.
Bitcoin
Bitcoin ranks third with a TVL of $7.056 billion, reflecting a 1.54% increase within the same period. The data also indicates a significant growth trajectory for Bitcoin DeFi, with its TVL skyrocketing from $307 million in January 2024 to the current level, marking a remarkable 1,900% surge in the past 19 months.
BSC
In the fourth spot is BSC with a TVL of $6.734 billion, witnessing a 7.22% rise over the week. Its strong DeFi ecosystem, coupled with low fees and active on-chain transactions, has attracted traders and bolstered its overall value.
Tron
Tron secures the fifth position with a TVL of $5.915 billion, showcasing an 8.47% increase over the week. This solidifies Tron’s position as one of the top five DeFi networks.
Other Leading Market Performers
Additional chains with notable TVLs include Base, Arbitrum, Sui, Hyperliquid, and Avalanche, as outlined in the data.
Base, a Layer-2 blockchain, holds the sixth spot with a TVL of $4.236 billion, indicating a 10.58% growth. Arbitrum follows closely with a TVL of $2.911 billion.
SUI, HYPE, and AVAX also demonstrate their prominence within the decentralized finance sector, as highlighted in the data.
Collectively, these chains (ETH, SOL, BTC, BSC, TRX, BASE, ARB, SUI, HYPE, and AVAX) serve as the foundational pillars of decentralized finance.
The overall TVL of the broader DeFi market currently stands at $140.693 billion, signaling the sector’s evolution into a legitimate marketplace attracting institutional investments.
The data emphasizes the distinct advantages offered by various chain ecosystems, with Ethereum renowned for its developed DApp ecosystems and smart contract capabilities. BNB is favored for its cost-effective gas fees and swift transaction processing, while Bitcoin is experiencing a surge in DeFi utility, among others.