During the second week of October, the total value locked (TVL) in decentralized finance (defi) protocols crossed $200 billion, and two weeks later in November, the TVL in defi surpassed $250 billion gaining 25% in value. Meanwhile, Ethereum controls over 67% of the 253 billion TVL in challenge today, gaining 4.65% in the past seven days while Solana’s TVL rose 5.99% last week.
Defi TVL Increases by 25% in 2 Weeks
The total value locked (TVL) in defi has reached an all-time high, tapping $253.94 billion on November 3, 2021. On October 12, Bitcoin.com News reported that the TVL challenge exceeded $ 200 billion and in two weeks, the value increased by 25%. Value expansion is not only due to more value being added to defi protocols, but crypto assets like ethereum (ETH), solana (SOL), and avalanche (AVAX) have seen significant gains. Today, the TVL on the Ethereum blockchain is 67% or $ 171.24 billion, according to statistics from defillama.com.
The second-largest defi blockchain in terms of TVL is the Binance Smart Chain (BSC) with $19.5 billion, which is 7.707% of the entire defi TVL today. Solana’s TVL, which rose 5.99% last week, stood at $ 14.12 billion on Wednesday, or 5.58% of the aggregate in challenge. Tron saw a large increase of 28.9% as the blockchain’s defi TVL is $6.11 billion. Channel Arbitrum One hit all-time highs with $ 2.69 billion TVL, up 16.19% in the past week.
Defi Report Shows Binance Smart Chain, Ethereum, Polygon Daily Transactions Rise
The “Defi Weekly Report” series published by Coin98 Analytics indicates that the BSC decentralized exchange (dex) Pancakeswap has reached “600,000+ daily active users.” Additionally, Coin98 Analytics’ 43rd Challenge Report notes that BSC active addresses tapped 1.9 million wallets per day. The researchers detail that alongside the increase of active addresses, BSC also saw a spike in daily transactions.
“Daily transactions [from the] Binance Smart Chain increased based on the number of daily active addresses, reaching 10.8 million transactions this week, ”details the 43rd challenge report from Coin98 Analytics. “Ethereum and Polygon are also showing signs of growth in daily transaction volume this week as Ethereum hit 1.5 million transactions/day (+18.26%) and Polygon reached 4.6 million transactions/day (+39.94%),” the researcher’s study adds.
Curve, Uniswap, Quickswap, Trader Joe Defi activity is expanding
On Wednesday, the Curve Challenge Protocol saw a 9.28% increase over seven days, with Curve’s TVL at $ 19.94 billion. Curve has a dominance of 7.87% according to today’s metrics and the dex supports seven different blockchains. The biggest dex in terms of swap volumes is Uniswap over the past 30 days with $ 16.53 billion in global trade volume.
Polygon’s (MATIC) popular dex protocol, Quickswap, has seen $3.61 billion in global trade volume during the last months. Avalanche-based dex Trader Joe is third in 30-day volume at $ 1.96 billion, according to dappradar.com’s decentralized exchange rankings.
