Despite the weekly loss of many leading DeFi protocols with Ethereum support, the success of Binance Smart Chain is taking TVL of decentralized finance to new heights.
According to data collector DeFi Llama, approximately $ 79 billion of assets are currently locked in decentralized finance protocols.
Therefore, DeFi’s TVL is currently roughly double the value of the third-ranked crypto asset Binance Coin, nearly a third of Ethereum’s market cap.
Much of last week’s TVL growth seems to be driven by a handful of platforms, with only three of the industry’s top 10 protocols growing.
Binance Smart Chain local DApps continue to lead the industry’s growth with the fourth-ranked PancakeSwap, which added $ 1.3 billion to TVL last week. The newcomer stablecoin DEX, Ellipsis Finance, represents $ 1.9 billion. Less than a week after its launch, it attracted significant capital, ranking 13th in terms of total locked-in value.
Significant gains have also been recorded by several Ethereum-based projects; 11th place Instadapp doubled by adding $ 1.05 billion to its TVL, 14th-placed Yearn Finance also doubled i TVL with an increase of about $ 850 million, and Vesper Finance at number 18 reached locked value of $ 1 billion within six weeks of launch. .
While the total TVL of DeFi protocols has increased by 10% in the past seven days, data from crypto analytics provider Messari suggests that the average performance of DeFi assets last week was a loss of about 1%.
Total value locked in DeFi protocols continues to hit new record highs, despite the decline in most Ethereum-powered decentralized finance platforms last week.