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 (CRYPTO: ETH) is still the dominant ecosystem in the DeFi space despite increasingly heated competition with protocols such as Solana (CRYPTO: SOL), Binance Smart Chain (CRYPTO: BNB) and Avalanche (CRYPTO: AVAX).
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
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