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- DeFi cross-chain bridges saw a notable growth of more than 48% over the last 30 days
- Decentralized applications have contniued to achieve new highs in the industry
- Blockchains are witnessing some tremndous growth in terms of TVL in DeFi
DeFi or the decentralized finance sector is one of the most potential and hot sectors in the crypto industry. According to experts in the industry, the sector has the potential to take over the dominance of the traditional banks. Hence, since the beginning of this year, the Total Value Locked (TVL) in DeFi has grown incredibly surpassing the benchmark level of $100 billion. In contrast, where Ethereum is dominating the decentralized industry, it is observed that other alternative blockchains are witnessing significant increment every week.
TVL in cross-chain DeFi bridge jumps over 48%
As the DeFi industry is soaring, it is observed that TVL in cross-chain bridge technology has reached above $22 billion. Indeed, the new level is achieved over the past 30 days, as the figure is up by 48%. Notably, the Defi TVL has skyrocketed above $240 billion. Specifically, TVL of projects including Avalanche, Fantom, Polygon, Tron, and Arbitrum in the decentralized sector has increased.
dApps have continued to reach new heights
While observing the TVL in the DeFi industry, we have also observed that the decentralized applications (dApps) are continuing to surge higher this year. Indeed, the dApps industry is also achieving new heights with the crypto industry. According to data from Defi Llama, the total value locked with Curve Finance is $18.91, which accounts for a more than 7% dominance rating.
It is noteworthy that the protocol Curve Finance supports seven different blockchain, as the users can leverage decentralized exchanges (DEXs). However, in terms of Blockchains Ethereum continues to be the dominant one in the industry with $164.75 billion of the TVL in the sector.
Blockchains witnessed notable growth
Despite the Ether blockchain making up a large portion of the DeFi pie, other networks like Avalanche, Fantom, Polygon, and Tron have also witnessed TVLs increasing significantly over the past week. Avalanche’s TVL in the sector surpassed by more than 10% over the same period. Whereas, Fantom’s TVL saw a notable spike this past week accomlishing more than 31% in TVL.
Meanwhile, Solana and Terra blockchains saw a very small surge of 0.44% and 0.79% respectively. Also, Arbitrum blockchain witnessed an TVL increment of approximately 24% this week and Polygon (MATIC) climbed by more than 4%. Moreover, one of the second most popular DeFi platform Binance Smart Chain (BSC) dipped this week and has lost more than 6%. However, the blockchain is still the second-largest platform after Ethereum.
