Altcoins

DeFi Total Value Locked Skyrockets to 192000000 Achieving Best Performance in 15 Months DappRadar

adminJun. 9, 202404 mins

Fresh data from market intelligence company DappRadar shows that the total value locked (TVL) in the decentralized finance (DeFi) sector has surged to its highest level in 15 months.
In a recent blog entry, DappRadar highlights that DeFi’s TVL has hit $192 billion, marking a 17% increase from the previous month and reaching its peak since February 2022.
TVL represents the capital locked in a protocol’s smart contracts and is a key metric for assessing the vitality of a crypto ecosystem.
As per the crypto analytics firm, the growth was predominantly fueled by rising token prices, especially for smart contract platforms Ethereum (ETH) and Solana (SOL).
“Ethereum accounts for the majority of DeFi’s TVL, with its dominance currently standing at 68%. Following closely is Solana, which has seen a boost in memecoin trading and DeFi activities on its network. Additionally, the native SOL token has surged by 11% over the last 30 days.”
ETH is currently trading at $3,692, while SOL is valued at $158.94.
DappRadar further points out that Bitcoin’s layer-2 solution Merlin Chain (MERL) played a significant role in May, emerging as the largest sidechain for the crypto giant, overshadowing the Lightning Network.
“The focus on Layer-2 networks remains strong, but Merlin has been the standout performer this month. It has become the leading Bitcoin sidechain, surpassing the payments-focused Lightning Network by over three times.
More than half of Merlin’s $1 billion is locked in Solv Finance, a platform enabling users to deposit Wrapped Bitcoin and earn ‘Solv Points’ in return.”
MERL is currently trading at $0.441, reflecting a 10.10% decrease in the last 24 hours.
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DeFi Total Value Locked Skyrockets to 192000000 Achieving Best Performance in 15 Months DappRadar

adminJun. 9, 202404 mins

Fresh statistics from DappRadar, a market intelligence company, indicate a significant surge in the total value locked (TVL) within the decentralized finance (DeFi) sector, reaching its highest level in 15 months.

DappRadar’s latest blog post highlights that DeFi’s TVL has now hit $192 billion, marking a 17% increase from the previous month and the highest figure recorded since February 2022. TVL represents the amount of capital secured within a protocol’s smart contracts, serving as a key indicator of the crypto ecosystem’s overall health.

The growth in TVL was predominantly fueled by rising token prices, particularly for Ethereum (ETH) and Solana (SOL), two leading smart contract platforms. Ethereum maintains the larger share of DeFi’s TVL, with its dominance currently at 68%. Meanwhile, Solana has seen a boost in memecoin trading and DeFi activity on its network, leading to an 11% surge in the value of its native SOL token over the past 30 days.

As of the time of writing, ETH is trading at $3,692, while SOL is valued at $158.94. Additionally, Bitcoin’s layer-2 solution, Merlin Chain (MERL), played a significant role in May, emerging as the largest sidechain for the crypto king, surpassing the Lightning Network in size.

According to DappRadar, the Layer-2 networks’ narrative remains strong, but Merlin has stood out as the top performer this month, becoming Bitcoin’s largest sidechain, with over $1 billion locked. Notably, more than half of Merlin’s value is held in Solv Finance, a protocol enabling users to deposit Wrapped Bitcoin and earn ‘Solv Points’ in return.

At the time of writing, MERL is trading at $0.441, reflecting a 10.10% decrease over the last 24 hours. To stay updated with the latest developments, readers are encouraged to subscribe to receive email alerts directly to their inbox.

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. It is recommended that investors conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are conducted at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl participates in affiliate marketing.