DeFi TVL sets new record as BSC-powered protocols add billions

Mar 29, 2021 | CoinTelegraph News | 0 comments

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Despite many leading Ethereum-powered DeFi protocols posting a weekly loss, the success of Binance Smart Chain is pushing the TVL of decentralized finance into new highs.

According to data aggregator DeFi Llama, nearly $79 billion in assets are currently locked in decentralized finance protocols.

As such, DeFi’s TVL is currently equal to roughly twice the capitalization of third-ranked crypto asset Binance Coin, nearly one-third of Ethereum’s market cap, and on-par with the capitalization of top 200-ranked global company Snap Inc — the company behind Snapchat.

The majority of TVL growth for the past week appears to have been driven by a handful of platforms, with only three of the sector’s 10-largest protocols posting growth.

Binance Smart Chain-native DApps continue to lead the sector’s growth, with fourth-ranked PancakeSwap adding roughly 29% or $1.3 billion to its TVL last week. Newcomer stablecoin DEX, Ellipsis Finance, has also attracted significant capital — representing $1.9 billion and ranking 13th by TVL less than one week after launching.

Significant gains were also posted by a few Ethereum-based projects, with 11th-ranked Instadapp doubling its TVL to add $1.05 billion, 14th-ranked Yearn Finance also doubling i TVL with a roughly $850 million increase, and 18th-ranked Vesper Finance increasing by 84% to surpass $1 billion within six weeks of launching.

While the combined TVL of DeFi protocols is up roughly 10% over the past seven days, data from crypto analytics provider Messari suggests the average performance of DeFi assets for the past week has been a loss of roughly 1%.

The total value locked in DeFi protocols continues to push into new record highs, despite most leading Ethereum-powered decentralized finance platforms experiencing drawdowns this past week.

News Source from CoinTelegraph.com

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