While the crypto economy has seen a decent uptick in performance during the first week of October, a number of decentralized finance (defi) tokens have seen tremendous gains. Furthermore, the total value locked in defi has risen to $195 billion, jumping more than 14% over the last two weeks from $171 billion.
Defi Tokens Skyrocket, Total Value Locked in Dapps Grows to $195 Billion, Axie Infinity, Shiba Inu See Top Gains
Digital currency markets of all sorts are seeing some gains this week and defi coins and smart contract tokens have all seen significant rises during the last seven days. Weekly metrics show that crypto-assets like QTUM spiked 42%, terra (LUNA) jumped 37%, binance coin (BNB) gained 23%, and solana (SOL) rose by 22%.
Other notable double-digit seven-day gainers include tokens like arweave (AR), DYDX, hedera (HBAR), and vechain (VET). The two mega gainers this week include axie infinity (AXS) up 119.8% and shiba inu (SHIB) up 92.3% during the last seven days. Meanwhile, the total value locked (TVL) in defi protocols today is roughly $195 billion, up more than 14% since September 18.
The defi protocol Curve has the largest dominance at the time of writing with 7.52% of the TVL. At the time of writing, Curve has around $14.71 billion TVL which is followed by the Aave protocol’s $14.65 billion. While five chains are compatible with Curve, only three blockchains can connect with Aave.
Ethereum Captures 69% of Defi TVL, While Alternative Chains Command Roughly 26%
Ethereum (ETH) still commands the most funds in terms of TVL for different blockchains with $135.05 billion today, or 69.2% of the entire defi total value locked. TVL metrics for the Binance Smart Chain (BSC) show around $17.03 billion. The BSC protocol’s TVL is only 12.59% of the aggregate total value locked on the ETH blockchain.
BSC is followed by chains like Solana ($11.5B), Terra ($10.07B), Polygon ($4.6B), Avalanche ($4B), Fantom ($2.31B), and Waves ($1.85B), respectively. Between Waves TVL and the Binance Smart Chain TVL, the seven blockchains have 26.15% of the $195 billion.
Currently, Curve is the top decentralized exchange (dex) according to defillama.com’s dashboard and Curve is followed by Sushiswap, Pancakeswap, Uniswap, Balancer, and Saber, respectively.
Three of the aforementioned dex platforms (Saber, Pancakeswap, Uniswap) are all single chain dex applications, while Curve connects with five crypto networks. Sushiswap is compatible with 13 blockchains, and Balancer connects with three chains.
What do you think about the growing activities tied to the decentralized finance (defi) space? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, defillama.com
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