Decentralized finance (defi) protocols continue to shine as the total value locked in defi is over $260 billion. While Ethereum has started the challenge trend and holds the lion’s share of challenging TVL, a large number of decentralized applications (dapps) support a plethora of alternative blockchains.
Today’s Most Popular Dapps Support More Than One Network
On November 7, the total value locked in defi is $260 billion according to defillama statistics on Sunday. When challenge started making waves, most of the dapps people interacted with took advantage of the Ethereum (ETH) blockchain. Toward the end of 2021, all that has changed as cross-chain technology is hotter than ever and dapps are now supporting a myriad of networks.
For example, Curve, the automated market maker (AMM) protocol, owns the largest percentage of TVL with its $ 20.08 billion representing 7.71%. Curve also connects with seven different blockchain networks with Ethereum included. Channels include Avalanche, Harmony, Polygon, Arbitrum, Fantom, Xdai, and Ethereum.
Another large dapp with $15.75 billion TVL is Aave, the decentralized lending system and users from three different blockchains (ETH, AVAX, MATIC) can access the dapp. When it comes to cross-chain support, the Sushiswap dapp has a significant number of chains, as 12 blockchain networks can access the dapp. Chains like Palm, Xdai, Polygon, Avalanche, Celo, Okexchain, Moonriver, Harmony, Binance Smart Chain, Heco, Ethereum, and Arbitrum.
Sushiswap, Anyswap Support 12 Different Channels – The Trend Of Cross-Channel Support Continues To Rise
With all of these connections, the decentralized (dex) exchange platform Sushiswap has a TVL of $ 6.8 billion. The Anyswap dapp also supports 12 different networks and the only difference between it and Sushiswap is that the dapp supports the Kucoinchain. Other popular dapps that operate more than one network include protocols like Abracadabra, Balancer, Uniswap V3, Renvm, Cream Finance, Synthetix, Mirror, Beefy Finance, Badger DAO, and Alpha Finance.
Of course, all of these applications also support Ethereum, but as ether gas fees have risen dramatically this year, competitors have started to catch up. Over the past nine months, many dapps have added support for alternative blockchains and it doesn’t look like this trend will stop growing anytime soon.
