From east to west, from north to south, from NFTs to decentralized finance (DeFi), the negative impact of winter crypto– currencies were undeniable.
In fact, according to DefiLlama, the DeFi ecosystem experienced a 69% drop in total blocked volume (TVL) between protocols across all channels in the first half of the year. However, following a recent bullish retracement, an increase in the TVLs of the major protocols was observed. With a figure of $ 89.06 billion at press time, the market’s TVL has increased by 18% in the past 30 days alone.
How did the three main chains – Ethereum, BNB Chain and Tron – behave?
The story of the 3 chains
With a TVL of $ 57.21 billion, the Ethereum network enjoys more than half (64%) of TVL’s total market share of $ 89.06 billion. Read also: TerraUSD (UST) joins Nexo Exchange and offers double yield rewards. In the first half of the year, the network recorded a decline of 69%. At the end of the second quarter, the TVL on Ethereum was $ 46.11 billion.
As the past 30 days have seen TVL growth, the Ethereum network has seen a 19% increase over this period. With a TVL of $ 8.56 billion, MakerDAO is proud to be the number one protocol hosted on the Ethereum network. In the first half of the year, its market value fell by 58%. After undergoing some corrections, it has increased by 10% in the last 30 days.
BNB Chain is hot on Ethereum as the network with the second largest TVL. The channel has a 7.5% ($ 6.86 billion) TVL share of the overall market. In the first half of 2022, the network’s TVL decreased by 62%. As of June 30, it amounted to $ 6 billion. The TVL of the BNB channel has also increased by 14% in the past 30 days.
With $ 3.15 billion in TVL, PancakeSwap has the highest TVL on the BNB channel. After falling from $ 5.53 billion to $ 2.95 billion in the first half of the year, the protocol’s TVL has seen some recovery in the past 30 days. It increased by 7% during this period.
Additionally, Tron follows the BNB channel with a TVL of $ 5.9 billion. In the first two quarters of the year, the Tron network recorded a 32% decline in TVL. The network recorded the highest number of earnings in the past 30 days, with its TVL up 49%.
JustLend, the network’s leading protocol, also increased its TVL by 62% over the same period.
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