It has been another exciting week for the DeFi ecosystem, although not everyone may feel the same way. It would appear Solana is losing some ground, whereas Terra and Fantom move up quickly. It is a matter of time until there is over $300 billion in DeFi TVL.
A Quiet Week For Ethereum And BSC
When two of the biggest ecosystems for decentralized finance remain at a near status quo for TVL, people know things have been rather boring. While Ethereum still managed to gain 1.68% in Total Value locked, Binance Smart Chain lost 1.73%. Neither of these changes is significant, although it confirms that more people are looking for alternative ecosystems and their native protocols.
However, it is also a sign of how quantity can never trump quality, especially in DeFi. Ethereum is home to over 400 protocols, whereas BSC has 283. Those amounts are significant, yet they do not necessarily represent qualitative projects either. Having more solutions on a chain can influence the TVL in either direction, and it seems neither ecosystem has anything that sparks excitement for now.
Interestingly, Alpaca Finance on BSC lost nearly 20% of its Total Value Locked this week. A steep amount, indicating users aren’t necessarily pleased with the project. Tranchess is also losing some momentum, although Multichain makes up for some of it. An exciting development worth keeping tabs on over the coming days and weeks.
Terra And Fantom Are Booming
While two of the biggest blockchains lose some DeFi traction, others will note a strong increase. Both Terra and Fantom had a strong week where DeFi TVL is concerned. Terra gained 22.86%, bringing its total to $19.15 billion. That is intriguing for a network with just 17 decentralized finance protocols today, although they appear to be higher-quality ones than most of the ones found on Ethereum and/or BSC.
For Fantom, the momentum is a bit more surprising. Although it is a potent network, Fantom is also home to decentralized finance protocols losing a lot of their TVL now and then. Even so, the overall momentum seems rather bullish, culminating in a 49.3% increase this week. Fantom now has 114 protocols, and this week’s increase puts the network ahead of Solana by a small margin.
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