TVL in DeFi hits $ 220 billion, Curve surpasses AAVE
The crypto market is exploding again as the bulls appear to be buying the dip throughout the process. Meanwhile, the price markets of several crypto sectors are holding back on fundamentals despite their exceptional performance.
A good example is the DeFi room. The field itself has developed very well as it has gained momentum from the community. To shed some light on the price market of DeFi-related protocols, most native tokens show underperformance in their fundamental aspect.
However, the general trend of the DeFi price market is still in line with the development of the projects. Most of the tokens from DeFi protocols are already in the buyer’s market, despite the downturn earlier this year.
TVL in DeFi increased 11x in 10 months
Total Value Locked (TVL) in DeFi is directly related to industry demand. DeFi definitely secures its long-term presence in the crypto market based on the indicators published by TVL.
According to the platform’s latest statistics Defillama, TVL in DeFi hit the $ 220 billion mark for the first time. Although the price market is not synchronized, the industry is reaching amazing numbers.
Just so you know, TVL in DeFi was just $ 20 billion earlier this year and hit new highs as the entire crypto market skyrocketed. However, as the DeFi market became more popular in the second quarter, TVL continued to grow much faster. TVL in DeFi is now $ 223 billion – 11 times its value at the beginning of the year.
Corner overtakes AAVE and dominates TVL
When it comes to dividing the total locked value between DeFi protocols, Curve has overtaken AAVE to dominate TVL at $ 17.33 billion to date. The difference from second place is very small, however, as AAVE’s TVL is $ 16.86 billion. MakerDAO follows AAVE in third place with a TVL of $ 15.34 billion. The next three protocols include WBTC, Instadapp, Compound with TVL from over 11 billion to over 13 billion dollars.
Curve works with Harmony
Partnering with Harmony is one of the reasons Curve rose to the top.
Curve Finance is currently the most widely used DeFi system with over $ 17 billion in TVL, as mentioned earlier. According to Harmony Protocol, however, the partnership will benefit both platforms, the company announced the merger through an exchange from its official Twitter.
Curve Finance will use Harmony’s interactive technologies to bring liquidity to the chain, according to the press release. In addition, Harmony announced that the partnership will allow Curve to benefit from its bridges to the Ethereum blockchain and Binance Smart Chain (BSC). Harmony’s bridge essentially enables tokens to be exchanged across different chains.
Curve Finance will also make its stablecoin exchange solutions available to the Harmony ecosystem. Harmony also announced a $ 2 million ONE token reward for supporting the DEX protocol on its first promotion.
According to Giv Parvaneh, a lead blockchain developer at Harmony, the DEX platform has grown rapidly since its launch as it has amassed nearly $ 16 million in TVL on the Harmony blockchain in the first 12 hours since it was launched.
DeFi Chains keep pace with Bull Run
While DeFi protocols cannot sync with their price markets, the chains associated with them outperform the crypto market.
Unsurprisingly, Ethereum leads the way with a TVL of $ 149 billion. Binance currently ranks second with 124 associated protocols. But the ones that have put on a lot of weight recently are Avalanche, Fantom, and Waves. While the top chains saw TVL grow 1-3% over the past week, chains like Avalanche and Waves have seen TVL grow more than 40% in the past seven days.
Most of the emerging DeFi chains like Solana, Terra, Avalanche, Fantom, Waves, Arbitrum have outperformed the entire crypto sector and are all trading at all-time highs (ATHs).
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According to Kucoin