DeFi
Total DeFi value locked explodes to $192,000,000, records best performance in 15 months: DappRadar
New data from market intelligence firm DappRadar reveals that total value locked (TVL) in the decentralized finance (DeFi) sector has skyrocketed to its highest level in 15 months.
In a new blog postDappRadar notes that DeFi’s TVL reached $192 billion, a 17% increase from the previous month and the best it has seen since February 2022.
TVL refers to the amount of capital deposited into a protocol’s smart contracts and is often used to assess the health of a crypto ecosystem.
According to the crypto analytics firm, the majority of the growth was driven by an increase in token prices, particularly those of Ethereum smart contract platforms (ETH) and Solana (GROUND).
“Ethereum holds the largest portion of DeFi’s entire TVL, and this month its dominance is 68%. Followed by Solana, which in recent months has been propelled by memecoin trading and DeFi activity on its network. Additionally, the native SOL token has surged 11% over the past 30 days.
Source: DappRadar/X
ETH is trading at $3,692 at the time of writing, while SOL is worth $158.94.
DappRadar goes on to note that Bitcoin (BTC) Layer 2 solution Merlin Chain (MERL) also contributed greatly in May, becoming the crypto king’s largest sidechain, eclipsing the Lightning Network.
“The story around Layer 2 networks continues to be strong, but the real performer this month was Merlin. It has become the largest Bitcoin sidechain and more than three times larger than the payments-focused Lightning Network.
More than half of Merlin’s billion dollars is held in Solv Finance, a protocol that allows users to deposit Wrapped Bitcoin and receive “Solv Points” in return.
Source: DappRadar/X
MERL is trade for $0.441 at the time of writing, a decrease of 10.10% in the last 24 hours.
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