Currently, the largest market share of DeFi (Decentralized Finance) is maintained by Ethereum. Investors have been moving their ETH coins into DeFi protocols to earn returns on the crypt holdings. This new year has been quite exciting for the DeFi market, and even with the market crashes, it hasn’t slowed down. DeFi products have a high adoption rate among users. Networks like Cardano and Solano have unveiled capabilities that have enabled them to compete against Ethereum, the top DeFi platform. However, even with the new arrivals in the space, Ethereum has managed to remain at the top over the space of decentralized finance. The TVL (Total Value Locked) in Ethereum ahead of the ETH 2.0 launch has surpassed 6.5% of the total circulating supply.
In the past year, DeFi has grown a lot. There are new protocols launched into the DeFi market, which brings new users and money into the space. As per the data provided by the DeFi Llama, the TVL in the DeFi space has passed $200 billion. The current TVL across multiple DeFi blockchains and protocols is $220.2 billion and the number is increasing every day. Ethereum accounts for about 69% of the TVL of DeFi. About $139 billion is locked with the Ethereum blockchain. The second-largest share in the market is with Solano, 5.44% in the market share and a TVL of $11.03 billion. The remaining 26% of the TVL is shared among 46 DeFi platforms. On the Solana network, Saber has the highest dominance with 26.05% of the TVL.
