As the crypto market slowly regains its volumes, the DeFi market dominance is also growing
According to a TradingPlatforms’ analysis, the DeFi market dominance has grown from 0.97% on June 22nd to 1.2% as of 6th August 2022. That’s a 123% increase in the last 45 days. Besides, the platform registered a $17.89B influx of capital into the DeFi sector in the last two months.
These two indicators show that there’s growing confidence in the sector regardless of the bearish tendencies exhibited by the crypto market. In addition, DeFi Total Value Locked (TVL) by blockchain has seen a resurgence too, increasing from $68.34 billion to $86.23 billion during the same period.
TradingPlatforms’ data also reveals that Ethereum remains the leader in the DeFi sector with a TVL of $59.68B. The second most valuable chain is Binance with a measure of $7.33B. Meanwhile, Tron recorded a healthy market share of $5.85B. Solana and Avalance also hit the top five, with TVLs of $2.59B and $2.53B, respectively.
Ethereum’s undisputed dominance in the DeFi sector is driven by the maturity of the Ethereum network and the growing number of Ethereum-based decentralized applications (DApps).