TRON is now third-largest DeFi platform, after Binance Chain TRX Crypto Blockchain Decentralization Dominance JST
accounts for 42.06% dominance with $1.81 billion in total value locked. SUNSwap and SUN.io presently account for $979.8 million and $246.97 million of the total value locked.
Ethereum retains the DeFi crown with $50.05 billion, followed by BSC , which presently has $7.19 billion in total value locked. Terra, which had previously held second place in terms of TVL, had fallen to as far as 33rd place following its ecosystem collapse. Billions of dollars were moved out of the Terra ecosystem in the two weeks since TerraUSD lost its peg, generating significant investor losses.
DeFi projects rely on smart contracts instead of middlemen for financial services such as lending, trading, and borrowing. Total value locked refers to the overall value of crypto assets deposited into a decentralized finance protocol. It also refers to the current value of cryptocurrencies staked in a crypto liquidity pool. This metric is used to measure the overall health of the DeFi and yielding market.
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