Things got even more interesting as the cryptocurrency market started to recover. In the decentralized financial ecosystem, many chains have taken note of his TVL surge. The strong growth of Optimism, Arbitrum, Algorand, and Ethereum indicates that the industry has started to recover.
The growth spurt of large-scale DeFi TVLs
Overall value locked in decentralized finance is below $70 billion, but things look good. Some networks are strong increase There’s still work to do, but in the past month on TVL. Collecting more than $250 billion in combined TVL seems virtually impossible at current rates, but individual networks are eyeing a strong comeback.
As for optimism, there are reasons to be optimistic. Ethereum scaling solutions have always been of interest to DeFi users due to their increased speed and efficiency. Additionally, it is home to various prominent protocols such as Aave V3, Synthetix, Uniswap, PoolTogether, and Stargate. Thanks to his 315% increase in monthly Total Value Locked, Optimism became his 8th largest chain on his DeFi TVL.
Arbitrum’s momentum is less spectacular, but equally promising. DeFi TVL’s over 50% increase in his one month pales in comparison to his 315% increase, but it’s amazing. Arbitrum is on the road to being over $1 billion again with total locked value, making it the 9th largest network according to TVL. Much better than Fantom and Mixin. This growth is mostly due to his GMX, Sushi and Dopex.
Algorand also sneaks up in the rankings thanks to a 37.46% DeFi TVL increase this month. It’s a remarkable development, even if the total value with which the network was locked puts him at just over $230 million. Algorand noted strong growth in Humble DeFi, Pact, and Folks Finance. The network still has only nine decentralized financial protocols, which is relatively small.
Ethereum sprints away from the pack
In a somewhat surprising development, the Ethereum network has cemented its position as the “King of Decentralized Finance”. More specifically, the total locked value is involved thanks to the 34.31% increase in TVL. Some of the momentum has been fueled by his ETH price recovery, but all major protocols seem to be seeing growth. Outliers include Lido (+54.86%), Instadapp (+59.69%) and Rocket Pool (+82.16%). Very solid numbers overall, making the appeal of liquid staking even more outspoken.
Thanks to this profit, Ethereum is fleeing networks such as Tron, BNB chain and Avalanche. It’s worth noting that Tron overtook his BNB chain making him his second largest network on DeFi TVL, but the gap between both chains is relatively small. Ethereum is about to cross $40 billion once again with total locked value. This accounts for almost 60% of his TVL across various blockchains.
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