The blockchain industry has witnessed notable growth in Total Value Locked (TVL) across major platforms. Among them are Tron, Binance Smart Chain (BNB Chain), and Solana that showed high growth rates by the indicators of user activity and capital inflow. This growth has brought changes to the decentralized finance (DeFi) and shows the further development of blockchain technology.
Tron moved up to the second place ranking in terms of TVL with $8.68 billion. This was a significant rise as compared to the first month of the year 2023. Major drivers to this growth were JustLend and JustStables. These protocols experienced a huge rise in their TVLs, which indicates that the ecosystem is healthy and expanding. Delegated Proof of Stake (DPoS) consensus mechanism of Tron has still been very popular among investors who are in the search of effective and sustainable blockchain solutions.
BNB Chain also performed well with a TVL of $5.82 billion. Reaching its all-time TVL earlier in the year, BNB Chain remains a major player. BNB Chain is also popular in terms of transaction fees and speed, which makes it suitable for DeFi protocols and token launches.
Solana, the most adopted blockchain platform among the top ten, has gained 97.2% in TVL since the beginning of the year. It peaked at $4.92 million in June 2024. Features such as scalability and low transaction fees make Solana suitable for various uses. Major protocols like Solend and Marginfi are instrumental in its growth.
Bitcoin, traditionally seen as a store of value, continued to play a vital role. It recorded a TVL of $1.19 billion, reflecting its importance in the digital asset space.
Polygon and Avalanche also held their grounds well. The TVL of Polygon was $970 million due to initiatives such as Polygon PoS and Polygon zkEVM. Avalanche disclosed a TVL of $916 million, anchored on the Subnets function that enables specialized blockchains.
Emerging platforms into the DeFi space such as Base, Merlin, and Blast are finding their space within the market. Blast recorded a TVL of $2.27 billion and Base a TVL of $1.76 billion, indicating a promising future for these newer platforms.
The increase in TVL across these platforms underscores the growing confidence and investment in blockchain technology.
