The post Top 5 Blockchains by TVL in 2024: Eth Dominates DeFi appeared first on Coinpedia Fintech News If you are into DeFi, you definitely have heard the term “Total Value Locked” before. It’s basically a way to measure how much value is secured within the smart contracts of a blockchain. The higher the TVL, the more adoption a blockchain usually has in DeFi. Here are the top 5 blockchains by TVL that are ruling the DeFi space: Ethereum, Tron, Solana, Binance Smart Chain (BSC), and Arbitrum. Together, they dominate the DeFi scene. But here’s a surprise—Bitcoin isn’t even in the top 10 by TVL. Weird, right? Let’s dive into what makes these blockchains tick and why Bitcoin isn’t one of them. Source : CoinMarketCap Ethereum: The King of DeFi TVL: $121.26 billion Protocols: 1,354 Market Cap: $391.73 billion TVL Change: -0.71% (1 day), -17.11% (1 week), +1.09% (1 month) Ethereum sits comfortably at the top. No one’s even close to dethroning it. With over a thousand protocols and the highest TVL, it’s the go-to blockchain for DeFi projects. Sure, there’s been a slight dip over the past week, but the monthly growth shows Ethereum isn’t slowing down anytime soon. Source : CoinMarketCap Tron and Solana: Solid Players but Not Without Issues Tron (TRX) TVL: $8.34 billion Protocols: 68 Market Cap: $20.97 billion TVL Change: -0.21% (1 day), -16.02% (1 week), -9.75% (1 month) Tron is doing pretty well, especially considering it only has 68 protocols. That’s tiny compared to Ethereum, but it still holds second place. Stablecoin operations are its bread and butter, which seems to work for now. Solana (SOL) TVL: $6.2 billion Protocols: 213 Market Cap: $86.01 billion TVL Change: -0.31% (1 day), -14.66% (1 week), -16.52% (1 month) Solana’s known for being fast and cheap, but it’s having a rough month. TVL is down quite a bit, and that’s something to keep an eye on. Still, it’s a favorite for developers, and that counts for a lot. Binance Smart Chain and Arbitrum: Focused on Scalability Binance Smart Chain (BSC) TVL: $6.05 billion Protocols: 862 Market Cap: $92.77 billion TVL Change: -0.96% (1 day), -9.20% (1 week), +0.82% (1 month) BSC’s strength lies in its scalability. Developers like it because it’s compatible with Ethereum, which makes transitioning easier. The recent TVL dip is noticeable, but its monthly growth shows some signs of recovery. Arbitrum (ARB) TVL: $3.41 billion Protocols: 773 Market Cap: $3.11 billion TVL Change: -0.67% (1 day), -16.36% (1 week), -5.42% (1 month) Arbitrum is a bit different. It’s not a standalone blockchain but a Layer-2 solution for Ethereum. It helps make Ethereum faster and cheaper to use, which is why people like it. What About Bitcoin? Here’s the curveball. Bitcoin could not get a place in the top 5 blockchains by TVL even though it is the biggest cryptocurrency by market cap. It ranks at 13th by total value locked. Its TVL is just $429.52 million. That’s wild, considering its dominance in the broader crypto space. Interestingly, Bitcoin’s TVL has grown by 52.82% this month. Maybe it’s starting to carve out a new role in DeFi? It’s too early to say, but the numbers are intriguing. What to Expect Ethereum isn’t going anywhere, and the competition is heating up. Even though in the whole crypto space Ethereum is at number two with a market dominance of 12.2%, in DeFi, it is the king with 64.90% dominance. Bitcoin’s role in DeFi is evolving, even if it’s nowhere near the top players. If you’re keeping tabs on DeFi trends, watching these blockchains might give you a clue about where the future of finance is heading.
