Fresh information from DappRadar, a market intelligence company, indicates that the total value locked (TVL) in the decentralized finance (DeFi) sector has surged to its highest point 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 secured within a protocol’s smart contracts and is commonly used to assess the strength of a crypto ecosystem.
The growth was primarily fueled by rising token prices, especially for smart contract platforms like Ethereum (ETH) and Solana (SOL). “Ethereum holds the majority share of DeFi’s TVL, with a dominance of 68% this month. Solana follows closely behind, boosted by memecoin trading and DeFi activity on its network. Additionally, the native SOL token has seen an 11% surge in the past 30 days.”
ETH is currently priced at $3,692, while SOL stands at $158.94. DappRadar also mentions that Bitcoin’s layer-2 solution, Merlin Chain (MERL), made a significant contribution in May, becoming the largest sidechain for the crypto king, surpassing the Lightning Network.
“The focus on Layer-2 networks remains strong, but Merlin has emerged as the top performer this month. It now stands as the largest Bitcoin sidechain, more than three times the size of the payment-centric Lightning Network. Over $1 billion of Merlin’s value is held in Solv Finance, a platform that allows users to deposit Wrapped Bitcoin and receive ‘Solv Points’ in return.”
MERL is currently trading at $0.441, reflecting a 10.10% decline in the last 24 hours. Stay informed by subscribing to receive email alerts directly to your inbox and follow us on X, Facebook, and Telegram for the latest updates.
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