The bulk of the cryptocurrency is frozen on the Ethereum blockchain, but Avalanche and Solana are also gradually increasing the volume of blocked assets.
According to the Internet site DefiLlama, at the time of writing, the amount of funds on Decentralized Finance (DeFi) platforms
has reached $ 204.8 billion.Since the end of June 2020, the total amount of blocked funds in DeFi (TVL) has doubled.
Most of the coins, about $ 140.8 billion, are frozen in Ethereum projects. Then there are Binance Smart Chain projects in terms of volume – $ 18.6 billion and Solana – $ 11.4. They are followed by Terra – $ 7.76 billion, Avalanche – $ 5.9 billion and Fantom – $ 4.9 billion. In the recently released DeFi projects Polygon, Arbitrum and Optimism, the minimum number of assets is blocked.
Ethereum has ceased to dominate in terms of blocked assets with the emergence of new DeFi projects on other blockchains. Its dominance index has dropped from 98% in January to 68.5% at the time of writing. However, during this time, his TVL has quadrupled.
The DeFi industry has shown significant growth over the year. According to DappRadar, the total value of frozen crypto assets in DeFi apps has increased by 936% since 2020. Following the expansion of China’s cryptocurrency ban, trading volumes on some DeFi protocols have exceeded those of major centralized exchanges. In September, Solana’s DeFi protocols have seen skyrocketing growth. Projects Grape, Parrot and others collected millions of dollars worth of cryptocurrencies in one week.
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