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Decentralized finance (DeFi) started seeing a major uptrend this year following the increased popularity of crypto lending and borrowing services. The boom of DeFi has been good news for networks that support DeFi projects.
For the longest time, Ethereum has been taking the dominant position in being the network that DeFi developers most prefer. However, the issues of scalability faced by this platform have made developers look to other fast and less costly networks.
Total Value Locked Hits All-time Highs
October has been marked by a strong resurgence of the sector following a period of calm. The latest figures show that the TVL for DeFi platforms has reached all-time highs and the liquidity stored on these networks.
The TVL in terms of USD has surged to more than $236 billion. As of October 27, Defi Llama shows that the TVL for DeFi projects has reached highs of beyond $236 billion. The statistics from the platform further show that the TVL has been surging steadily over the past month.
The market enjoyed a period of consolidation over the past few months, just like the rest of the broader market. The current gains made in October have also correlated with what is happening across the broader cryptocurrency market as different cryptocurrencies push to record highs. This shows that the performance of the two spaces is related.
Ethereum, Fantom & Solana take Giant Shares
Ethereum has maintained its lead position as the largest network. This week, the TVL on the platform has increased to $160 billion, showing that DeFi activity on the network is resuming.
The network has been facing tough competition from scalable networks, but despite these limitations, it has managed to take the largest share in TVL, showing that developers are still confident about the network.
The other networks that have also recorded major TVL gains this month are Fantom and Solana. The Fantom network has been reporting major adoption from liquidity protocols and DeFi projects over the past month, pushing its TVL to $6 billion. Solana’s TVL currently sits at around $12.4 billion after nearly touching $14 billion on October 26.
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