News18 October 2021

DeFi Tokens Outstrip Bitcoin's Weekly Gains as TVLs Spike

DeFi Protocols are Locking Insane Amounts of Money

October has been a great month for cryptocurrencies. Bitcoin, for example, has surpassed $62k, having done extremely well in the past week, with a 45% hike. In the DeFi universe, things are even better. In the past two weeks, more than $200 billion has been locked in DeFi projects.

Curve, MakerDao, Aave and Wrapped Bitcoin have all risen in value over a fortnight. Two blockchains have dominated the market, leading to the extreme TVL spike. These are the Ethereum and the Binance Smart Chain blockchains.

The TVL locked in the Ethereum blockchain has exceeded $150 billion, while that locked in the Binance Smart Chain is worth $19 billion. This comes as the number of users who are adopting the Binance Smart Chain has also hit an all-time high, while the number of Ethereum wallets has remained constant over the same period.

The Solana, Avalance and Terra networks grew by 31 percent, while Harmony increased by 24 percent in the past week.

SushiSwap is the only decentralized exchange that has seen growth in the past week, hitting the $22 billion mark. The others have maintained their usual trading volume.

Kibet Elikana
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