Total Value Locked Across Multiple Defi Chains Approaches $200 Billion – Ethereum TVL Dominance 69% – Defi

While the crypto economy has seen a decent increase in performance in the first week of October, a number of decentralized finance (defi) tokens have seen huge gains. Additionally, the total value locked in Defi has increased to $195 billion, up more than 14% in the last two weeks from $171 billion.

Defi Tokens Explode, Total Value of Dapps Rises to $195 Billion, Axie Infinity, Shiba Inu See Top Gains

Digital currency markets All types are seeing some gains this week and Defi coins and smart contract tokens have all seen significant increases over the past seven days. Weekly metrics show that crypto assets such as QTUM are up 42%, Terra (LUNA) is up 37%, Binance coin ( BNB ) gained 23% and Solana (SOL) rose 22%.

Other notable seven-day double-digit winners include tokens such as Arweave (AR), DYDX, Hedera (HBAR), and Vechain (VET). This week's two mega winners include Axie Infinity (AXS), up 119.8%, and Shiba Inu (SHIB), up 92.3% over the last seven days. Meanwhile, the Total Value Locked (TVL) in Defi protocols is approximately $195 billion today, up more than 14% since September 18th.

The Defi Protocol curve has the most dominance with 7.52% of TVL at the time of writing. At the time of writing, Curve has around $14.71 billion in TVL, followed by Aave Protocol's $14.65 billion. While five chains are compatible with Curve, only three blockchains can connect to Aave.

Ethereum captures 69% of Defi TVL, while alternative chains command around 26%

ether ( ETH ) still has the most funds in terms of TVL across various blockchains today with $135.05 billion or 69.2% of the total Defi value locked. TVL metrics for the Binance Smart Chain (BSC) show around $17.03 billion. The TVL of the BSC protocol is only 12.59% of the total aggregate value recorded on the ETH Blockchain.

BSC is followed by chains such as Solana ($11.5 billion), Terra ($10.07 billion), Polygon ($4.6 billion), Avalanche ($4 billion), Fantom ($2.31 billion) and Waves ($1.85 billion). Between Waves TVL and the Binance Smart Chain TVL, the seven blockchains have 26.15% of the $195 billion.

Currently, according to the defillama.com dashboard, Curve is the leading decentralized exchange (dex) and Curve is followed by Sushiswap, Pancakeswap, Uniswap, Balancer and Sabre.

Three of the above Dex platforms (Sabre, Pancakeswap, Uniswap) are all single-chain Dex applications, while Curve is connected to five crypto networks. Sushiswap is compatible with 13 blockchains and Balancer connects to three chains.

What do you think about the growing activity related to the decentralized finance (Defi) space? Let us know your thoughts on this topic in the comments below.

Photo credits: Shutterstock, Pixabay, Wiki Commons, defillama.com