As of mid-March, the top five blockchains – in terms of total value locked (TVL) in decentralized finance (defi) – currently control over 82% of the $198 billion TVL in challenge across all blockchains . Each of these chains offers different types of challenge protocols like decentralized exchange (dex) platforms and lending apps, allowing people to designate their finances in different ways.
5 Blockchain networks, 21 Defi protocols
Today there is just under $200 billion in defi and this is only the total value locked (TVL) as it does not include the large amount of tokens tied to these specific protocols. Currently, five different blockchain TVLs account for 82% of the $198 billion locked in defi protocols. Chains include Ethereum, Terra, Binance Smart Chain, Avalanche, and Solana.
Ethereum currently holds the largest TVL with $108.51 billion or 54.59% of locked value in defi protocols. On March 14, the main decentralized exchange (dex) linked to Ethereum is Curve Finance, with its $17.72 billion in TVL. Ethereum’s leading Secured Debt Position (CDP) application is Makerdao, which is just below Curve as the second largest TVL in challenge today.
In terms of liquid staking, Lido is the best defi protocol and Convex Finance is the best Ethereum protocol for yield. Finally, Ethereum’s largest lending protocol is the defi app Aave, with its $11.35 billion TVL.
The second largest channel by TVL in defi is Earth, with $25.79 billion or 12.98% of total TVL. Terra’s most popular dex is Astroport, and Lido is the biggest 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 app for Terra, but the largest blockchain lending app is Anchor with a total locked value of $13.03 billion. The Anchor defi loan protocol has seen an increase of 63.23% TVL over the past 30 days.
Binance Smart Chain
The Binance Smart Chain (BSC/BNB) is the third largest blockchain today in terms of defi TVL with $11.73 billion or 5.9% of the aggregate held in defi. The top dex on BSC is Pancakeswap, and the biggest CDP app is the Mars ecosystem.
There is no cash stake via BSC but in terms of yield, Alpaca Finance is the largest in the network. When it comes to challenge loans, the largest protocol in terms of value locked on BSC is Venus.
avalanche holds the fourth-largest position in decentralized finance this week with $10.88 billion or 5.47% of the $198 billion locked in defi protocols. The best Avalanche dex app today is Trader Joe and the most popular blockchain CDP is Defrost.
In terms of yield, the Yield Yak protocol is the leader on Avalanche, and Benqi holds the top position in liquid staking. Like Ethereum, Aave is the largest lending protocol on Avalanche at the time of writing.
At last, Solana is the fifth largest defi blockchain as of mid-March 2022 with a TVL of $6.69 billion or 3.37% of the aggregate held in defi today. Solana’s top dex is Serum and the blockchain’s CDP leader is Parrot Protocol.
Marinade Finance leads Solana’s liquid staking applications and Quarry is the leading yield protocol. The biggest loan request on Solana this week is Solend with $575.3 million locked up.
Besides the top 5 channels, there are still dozens of networks and 862 Loan, CDP, Yield, Cash and Dex apps to choose from.
While the aforementioned five different blockchains and dozens of protocols are where most of the money in challenge is today, there is a wide assortment of other blockchains and applications available. At the time of writing, there are 384 dex apps that allow people to trade coins and there are 125 defi lending protocols that allow people to borrow and lend crypto. 328 defi apps offer some sort of yield and there are 16 different liquid staking apps. Additionally, there are at least 30 different CDP protocols that issue stable assets through guaranteed support.
What do you think of the top five blockchains offering different applications for dex platforms, CDPs, liquid staking, yield and lending? Let us know your thoughts on this in the comments section below.
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