- SX Rollup blockchain led with 9.9% growth, driven by scalability and DeFi adoption.
- Sonic and Hyperliquid surged by 126% and 60.3%, strengthening their market presence.
- Binance’s opBNB saw a modest 17.4% growth while Bitcoin’s BOB spiked its TVL by 7.7%
The month of February was a challenging phase for the cryptocurrency sector as most blockchains struggled with price dips, which also affected their Total Value Locked (TVL). According to a study by CryptoRank, SK Rollup has become the top contender while Sonic and Hyperliquid witnessed significant growth, cementing their position in the blockchain ecosystem. Apart from the trio, several blockchains have also shown improvement despite the market volatility.
SX Rollup
The top performer of last month, the blockchain achieved an astonishing 9.908% growth. Further, it garnered attention for its scalability, low transaction costs, and development in the DeFi ecosystem. An increase in liquidity enhances adoption, likely driven by efficiency and developer interest in rollup-based solutions.
Sonic
A major blockchain, Sonic recorded a tremendous 126% growth. Quick transfers, competitive gas fees, and its growth in DeFi integration play a pivotal role in its TVL growth. Despite the decline in the market, Sonic was sought by users for its efficient DeFi solutions, making it a promising blockchain for the future.
Soneium
Ranking in the top in terms of TVL growth, Sonieum soared by 110%, focusing on yield farming and security. This made it an essential option for liquidity providers and DeFi enthusiasts.
Morph
Achieving an 83.7% growth in TVL, the Morph blockchain has increased demand for cross-chain interoperability. By enabling seamless transfers between different blockchains, Morph enables users to optimize liquidity across multiple networks.
Hyperliquid
Hyperliquid, a blockchain that achieved a 60.3% increase in TVL growth, has established itself as a leading decentralized exchange (DEX) infrastructure. While traders sought reliable on-chain trading solutions, Hyperliquid’s deep liquidity, low-latency transactions, and expanding user base helped it thrive amid challenging market conditions.
Venom
The blockchain achieved 58.3% TVL growth benefiting from its scalable architecture and strategic partnerships. The blockchain’s efficient consensus mechanism and DeFi-friendly features helped attract new users and liquidity.
Abstract
Slightly closer to Venom, the Abstract blockchain achieved 54.3% TVL growth, mainly by its smart contract capabilities. By providing a secure and flexible environment, Abstract cemented its position in the ecosystem for DeFi applications.
Bifrost Network
Known for its multi-chain staking solutions, the blockchain witnessed a notable growth of 22%. Prioritizing staking for DeFi users, Bifrost’s ability to optimize yield strategies improved its adoption.
opBNB
Binance’s Layer-2 scaling network, opBNB, saw a minimal growth of 17.4% in its TVL. Backed by Binance and benefiting from deep liquidity, it continues to strengthen its presence in the market.
Related: Hyperliquid Reaches $22B, Hitting A Daily Volume Milestone
BOB
Compared to others, the BOB (Built on Bitcoin) blockchain barely crossed 7.7% in its TVL growth. Abbreviated from Built on Bitcoin, the blockchain focused on Bitcoin-based DeFi solutions. Further, it enabled developers to build Dapps on the Bitcoin network by integrating Layer 2 technology.
Conclusion
Although the market struggled in February with challenges, several blockchains have shown notable growth, especially Sonic, Hyperliquid, and SX rollup. Despite the struggle, blockchains related to Binance and Bitcoin have also garnered attention among users, thus improving their TVL factor.
