More Than 80% of the Funds Locked in Decentralized Finance Are Kept on 5 Chains, 21 Different Defi Protocols – Defi Bitcoin News

In mid-March, the top five blockchains — in terms of total value locked (TVL) in decentralized finance (defi) — currently command more than 82% of the $198 billion TVL in defi across all blockchains. Every one of these blockchains offers different kinds of defi protocol, including lending applications and decentralized exchange (dex), platforms that allow people to organize their finances in many ways.

5 Blockchain Networks, 21 Defi Protocols

Today, there’s just under $200 billion in defi and that’s just the total value locked (TVL), as it doesn’t include the large quantity of tokens tied to these specific protocols. 5 different blockchain TVLs account for 82% currently of $198 million in defi protocols. They include Terra, Terra Smart Chains, Binance Smart Chains, Avalanche and Solana.

Ethereum

Ethereum is currently the top TVL holding $108.51 billion, or 54.59%. Curve Finance with $17.72 million in TVL was the top-decentralized exchange (dex), platform linked to Ethereum on March 14. Ethereum’s top collateralized debt position (CDP) application is Makerdao, which is just under Curve as the second-largest TVL in defi today.

In terms of liquid staking, Lido is the top defi protocol and Convex Finance is Ethereum’s top protocol for yield. Lastly, Ethereum’s largest lending protocol is the defi application Aave, with its $11.35 billion TVL.

Terra

Terra is the second largest chain by TVL in defi, accounting for $25.79 trillion or 12.98%. Terra’s most popular dex is Astroport, and Lido is the largest in terms of liquid staking. In terms of yield, Pylon Protocol is Terra’s most popular product with the highest TVL.

Currently, there is no CDP application for Terra but the blockchain’s largest lending application is Anchor with $13.03 billion total value locked. In the past 30 days, Anchor’s defi lending protocol has experienced a 63.23% TVL rise.

Smart Chain Binance

Binance Smartchain (BSC/BNB), which holds $11.73 Billion or 5.9%, is today’s third largest blockchain in terms defi TVL. Pancakeswap tops the BSC list, with the Mars Ecosystem the biggest CDP application.

There’s no liquid staking via BSC but in terms of yield, Alpaca Finance is the largest on the network. Venus holds the biggest protocol for defi loans in terms of locked value on BSC.

Avalanche

Avalanche is fourth in decentralized finance with $10.88 Billion, or 5.47%. Today’s top Avalanche dex application is Trader Joe and the blockchain’s most popular CDP is Defrost.

Yield Yak, the protocol, is Avalanche’s leader in yield. Benqi, however, holds the position of top liquid staker. Aave, just like Ethereum, is the most popular lending protocol in Avalanche as of the writing.

Solana

Solana was fifth in the defi block chain in March 2022, with $6.69 billion in TVL. This is 3.37% of all the defi aggregate. Solana’s top dex is Serum and the blockchain’s CDP leader is Parrot Protocol.

Marinade Finance leads Solana’s liquid staking apps and Quarry is the leading protocol in terms of yield. Solend, with $575.3 Million locked is the largest Solana lending application.

Other than the 5 Top Chains, there are still dozens of networks and 862 Yield, Liquidstaking, CDP, Yield and Lending applications to choose from.

While the five different blockchains and the dozens of aforementioned protocols is where most of the money is in defi today, there’s a large assortment of other blockchains and applications available. There are currently 384 applications for dex that let people swap crypto and 125 lending protocols which allow them to lend and borrow cryptocurrency. There are 328 Defi apps that provide some yield. 16 other liquid staking applications also exist. Furthermore, there’s at least 30 different CDP protocols that issue stablecoin assets via collateralized backing.

Let us know your thoughts on the five most popular blockchains. Please share your views on this topic in the comment section.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been involved since then. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for Bitcoin.com News, with over 5000 articles on disruptive protocols.