Ethereum dominated the TVL in definition on some platforms and it is approaching a record $ 180 billion with the network making up the majority of that as we read more in our latest Ethereum news.
The data includes ratings from Polygon, Solana, Etheruem, FAntom, Terra, Avalanche, Binance and other DeFi chains. ETH accounts for $ 131 billion of the total volume, making it the most dominant network to date. The skyrocketing popularity of newcomers showed that users are starting to expand into other chains. Decentralized Finance, or DeFi, is a new phenomenon that is using decentralized networks to turn financial products into transparent protocols, all with the added benefit of having no middlemen. It’s pretty revolutionary as people can access it using the same mechanisms that bankers have, but through the blockchain. By using blockchain networks, users can act as exchanges, lenders or liquidity providers, creating a new way to participate in this sector.
Source Avalanche TVL on defillama.com
In addition, in view of the higher returns compared to old financing, it is difficult to give convincing reasons to stick to the old financing methods. As the uptrend at Defi TVL shows, which is an understanding that it is spreading. TVL on all platforms has soared since mid-July when it was $ 103 billion. Defi inflows allowed TVL to match previous ATHs of $ 150 billion, which it hit before the crypto crash, and has since added another $ 30 billion in two and a half weeks. Ethereum dominated about three-quarters of the TVL across all platforms, with Binance Smart Chian next in line to hit $ 19 billion, or about 11% of the total.
Source TVL about all chains on defillama.com
With its rising popularity and newcomers like Solana, Terra and Avalanche, we can easily worry about Ethereum. Avalanche accounts for over 1% of total TVL at $ 2.3 billion. ITS TVL was at $ 258 million in August but has increased its locked value by 800% in two weeks. At Solana, it’s almost the same thing that caught people’s attention after SOL ousted DOGE’s run as the seventh largest coin by market cap. For comparison: The TVL in Ethereum grew by around 16%. Cardano will be rolling out smart contracts on September 12th, and the inevitable expansion of defi protocols will bring ETH to yet another challenger to their dominance.
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