TVL: Top 10 Alternative Chains Diversifying DeFi, Ethereum Maintains Dominance

New data reported today by DefiLlama listed top-performing blockchains in the DeFi sector rated by the prominence of their TVL.

Top 10 Chains by DeFi TVL

According to the data, Ethereum is still the leader in the DeFi landscape. In other words, Ethereum is the largest blockchain in the DeFi world as the holds the largest TVL (total value locked). It currently commands a whopping $61.38 billion in TVL, despite a small decline of 0.91% noted over the past week.

Solana takes the second place. It experienced a slight decrease of 0.05% in the past seven days, currently making its accumulative TVL stand at $8.38 billion TVL.  

Despite Bitcoin not traditionally associated with DeFi utility, the blockchain secured the third position. Its TVL currently hovers at $6.37 billion, an increase of 4.76% over the period.

BSC (Binance Smart Chain) followed with a $5.94 billion TVL, a slight increase of 0.32% over the period.

Fifth on this list is Tron. The DeFi blockchain registered a small decrease of 1.82%, placing its aggregated TVL at $4.81 billion currently.

Other notable blockchains recognized for outstanding TVL include Base, Arbitrum, Sui, Hyperliquid, and Avalanche.

Base’s TVL currently settles at $3.77 billion, a surge of 2.23%. Arbitrum’s TVL stands at $2.42 billion while that of Sui hovers at $1.785 billion. Hyperliquid, which followed with $1.782 billion, is recognized for recording the highest growth of 12.56% gained over the week. Lastly, Avalanche closed the list with $1.46 billion TVL.

DeFi Diversifying Beyond Ethereum

As per the data, Ethereum continues to firmly hold its dominance in the decentralized finance sector. Despite the rise of several alternative chains in the dynamic sector, the data indicates that the chain continues to lead in total value locked, highlighting that its prominent ecosystem impact, developer community, and security system are still significantly preferred among users.

However, the huge total value locked noted on networks, including Solana, BSC, and especially Bitcoin, signifies that decentralized finance activity is becoming more diversified beyond Ethereum. This shows growing multi-chain interoperability and increased demand for alternative blockchain features like more rapid processing speed and lower gas fees.

The data further indicates an interesting development. The rise of niche players like Hyperliquid is gaining traction. Regardless of its small TVL, the emergence of Hyperliquid to this list shows that the capabilities of specialized networks or new chains are attracting interest in the DeFi world.

Lastly, the presence of varied chains in this top 10 list suggests a healthy competitive environment, promoting innovation in scalability solutions, new investment vehicles, and user experiences in various ecosystems.