Summary
The value locked in Ethereum’s decentralized finance (DeFi) protocols has increased by over 1,000% in four months, surpassing established cryptocurrencies like Bitcoin and Cardano. The total value locked is currently over $430 million, making Ethereum the 10th largest blockchain by value. However, it has slipped to the 11th position according to recent data.
Key Points
1. The total value locked (TVL) of the blockchain has increased by over 1,000% in just four months, surpassing established incumbents like Bitcoin and Cardano, as well as Coinbase’s layer-2, Base.
2. The decentralized finance (DeFi) protocols on the blockchain have attracted over $430 million worth of cryptocurrencies, positioning it as the 10th-largest blockchain by TVL.
3. Despite its initial ranking, the blockchain has slipped to the 11th position, currently behind PulseChina and DeFi Llama, according to data from DeFi Llama.