Hi HODLers and DeFi Degens,
Today is November, 16th and I like to look at the different DeFi trends and especially the competition between chains.
We are not going to talk about DeFi 2.0 today (OHM forks and so on) as this will be explored in a different blog.
DeFi TVL landscape
Competition is brewing especially during the past 6 months, Ethereum kept its #1 spot followed by Binance Smart Chain at #2. Nevertheless many newly launched chains are catching up on BSC.
Solana is #3 and has been gaining momentum lately. We also need to mention Terra which has climbed up thanks to its mostly praised stablecoin $UST. Finally Avalanche after a few issues during its launch came back strong and is closing the Top 5.
If we split the top 10 by % of total TVL we get
- #1 ETH: 67%
- #2 Binance Smart Chain: 7.8%
- #3 Solana: 5.3%
- #4 Terra: 4.1%
- #5 Avalanche: 3.75%
- #6 Tron: 2.35%
- #7 Fantom: 2.04%
- #8 Polygon: 1.86%
- #9 Arbitrum: 1%
- #10 Waves: 0.65%
TVL by chain
As we can see and despite the innovation coming from many different chains. The King is still and by far Ethereum despite slowly being eaten by smaller chains.
Ethereum DeFi Dominance was 96.5% a year ago !
What chains am I on?
As time is limited I cannot be everywhere but I am mostly on Ethereum, Binance Smart Chain and lately I joined the Fantom ecosystem thanks to good tips from @xyzashu who knows a LOT about this chain.
I would like to join a few other ones, mostly Solana as it is the #3 and Terra for the stablecoin minting process which I find very interesting. I just need more time...
Most dynamic chains?
- Solana
- Terra
- Fantom
- Avalanche
All these datas can be found on https://defillama.com/ where you can track so many chains but also projects, dexes, airdrops and so forth.
Definitely a website to add to your bookmarks.
Stay safe out there !