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Currently, the total value locked (TVL) in decentralized finance (defi) stands at $82.2 billion, with Ethereum hosting a commanding 57.24% of that amount. Hot on its heels, Tron and Solana take the second and third spots for the largest TVLs today.
Ethereum Reigns Supreme in Defi With 57% of Total Value Locked
Despite ethereum (ETH) facing challenges against bitcoin (BTC) and solana (SOL) throughout 2024, its network remains the reigning champion in the world of defi value. Currently, the total value locked (TVL) across all blockchains tracked by defillama.com sits at $82.2 billion, with Ethereum claiming a hefty $47.01 billion of that.
This dominance is fueled by some of the largest defi protocols, such as Lido, Eigenlayer, Aave, Maker, Etherfi, and Uniswap, all tapping into Ethereum‘s powerful network. Tron secures its position as the second-largest defi player today, boasting a TVL of $8.11 billion, which accounts for 9.88% of the total value locked in defi.
Key applications driving Tron’s defi success include Justlend, Juststables, and Sunswap. Meanwhile, Solana’s TVL is currently at $4.778 billion, representing 5.82% of the overall $82.2 billion. In Sept. 2024, standout defi protocols on Solana include Jito, Kamino, Jupiter, and Marinade. Following the top three chains with the largest TVLs, we find Binance Smart Chain, Arbitrum, Base, Polygon, Avalanche, Blast, and Scroll rounding out the top ten.
The Bitcoin network, on the other hand, lands in the 15th spot with a modest $517.97 million locked. August wasn’t the kindest month for the top ten defi protocols, as eight out of ten experienced declines. However, Justlend and Binance’s Staked Ether protocol managed to defy the odds last month.
As the defi landscape continues to evolve, Ethereum’s dominance in TVL highlights its foundational role in the ecosystem remains intact. Meanwhile, Tron and Solana are steadily solidifying their positions, hinting at a diversifying landscape. Despite recent downturns in major protocols, the ongoing development across various chains suggests that defi’s future remains dynamic and ripe for innovation.