- DappRadar reports in a recent blog post that DeFi’s TVL has risen to $192 billion, the highest level since February 2022 and a 17% increase from the previous month.
- The decentralized finance (DeFi) industry’s total value locked (TVL) has surged to its highest level in 15 months, according to new data from market research firm DappRadar.
TVL, which stands for the total amount of money placed inside a protocol’s smart contracts, is frequently used to assess how well a cryptocurrency ecosystem is doing.
The majority of the growth, according to the crypto analytics business, was caused by a rise in token prices, especially those of Ethereum (ETH) and Solana (SOL), two platforms that facilitate smart contracts.
Ethereum has a greater percentage of the whole DeFi TVL this month—68%—than any other platform. Next is Solana, which has recently benefited from memecoin trading and DeFi activity on its network. Additionally, the native SOL token has climbed by 11% in the last 30 days.
As of this writing, SOL is valued at $158.14, while ETH is selling for $3,692.
According to DappRadar, in May, Bitcoin’s (BTC) layer-2 solution Merlin Chain (MERL) made a significant additional contribution and grew to become the largest sidechain in the crypto world, surpassing even the Lightning Network.
Although the story around the Layer-2 networks is still compelling, Merlin has really been this month’s biggest performer. It is now more than three times larger than the Lightning Network, which focuses on payments, and the largest Bitcoin sidechain.
With Solv Finance, a platform that enables users to deposit Wrapped Bitcoin and earn “Solv Points” in return, more than half of Merlin’s $1 billion is stored.
As of this writing, MERL is trading at $0.441, down 10.10% over the previous day.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
