31 Aug 2021
Total value locked in DeFi approaches former all-time highThe total value locked in Ethereum’s DeFi sector currently sits at $83 billion, near its all-time high levels, but other chains are seeing increased traction now.
Source: DeFi pulse
The total value locked in DeFi on Ethereum now sits at $83 billion, up 18% in August, and is approaching the ATH from May of $88 billion. However, DeFi tokens have not seen a hype similar to what we saw the last time when the TVL in DeFi climbed towards such highs. As of now, FTX’s DeFi index is trading at $11,600. When the DeFi TVL peaked on May 12th, the index traded at $15,500. The Defi sector is now flourishing on several other layer 1 protocols. We’ve already mentioned the strong performance of other layer 1 protocols. Let’s have a look at how the TVL in these chains has evolved in the last month:- Avalanche has seen the sharpest growth in TVL, according to data from DeFi Llama. Avalanche grew its TVL by 1092%, from $180 million to $2.1 billion in August. - Solana grew its TVL by 170% from $1.2 billion to $3.3 billion in August, while Terra saw a 70% growth in its TVL from $4.5 billion to $7.7 billion.