DeFi Llama, a data company that tracks Decentralized Finance (DeFi) information on multiple blockchains has revealed that PancakeSwap, a DeFi platform surpassed Uniswap in Total Value Locked (TVL). Data also revealed that the TVL on DeFi platform has ballooned in the last 4 week by 50% to currently stand at $149.78 billion as of the time of writing this report.
What you should know
TVL has become the most common metric used to measure the growth of the DeFi industry. It represents the number of assets that are currently being staked in specific DeFi platforms.
According to the data, PancakeSwap, a DeFi application that operates on the Binance Smart Chain has surpassed Uniswap which operates on the Ethereum blockchain in TVL. PancakeSwap has a TVL of $5.76 billion while Uniswap stands at $5.02 billion. Overall, PancakeSwap is ranked the 7th largest DeFi platform in TVL while Uniswap takes 9th place.
The cryptocurrency market has been on a bullish trend in the last 4 weeks in which the total market capitalization has grown by over 70%, from a low of 1.17 trillion on the 20th of July, to currently stand at 2.02 trillion today.
The TVL seems to be following the trend of the market capitalization as the TVL grew by over 50% from $98.84 billion as of July 17.
Leading the charge on TVL, we have multi-chain platform, Aave and Curve taking the first and second spot respectively with Aave having $13.62 billion and Curve $11.42 billion TVL. Aave in the last month has grown its TVL by 38% from $9.86 billion while Curve has grown its TVL by 32.5% from $8.62 billion.
The top performer that operates exclusively on the Ethereum network is Compound. The platform currently has a TVL valued at $11.12 billion. On the Binance Smart Chain (BSC), we have Pancake Swap leading the charge with $5.76 billion as the top performer on the network and on Solana, we have Raydium with $865.78 million as of the time of this writing.
Bottomline
Although the Ethereum Network accounts for approximately 75% of the TVL, a lot of investors still see the Binance Smart Chain as a feasible alternative as a result of its low transaction fees. In the last 1 month, the BSC increased its TVL by approximately 140% to currently stand at $17.32 billion.
