Over 80% of Funds in Decentralized Finance Are Stolen on Five Chains and 21 Different Defi Protocols

By mid-March, the top five blockchains — in terms of total value locked (TVL) in decentralised finance (defi) — controlled more than 82 percent of the $198 billion in total value locked in defi across all blockchains. Each of these chains includes a variety of defi protocols, such as decentralised exchange (dex) platforms and lending applications, which enable individuals to manage their finances in a variety of ways.

Five Blockchain Networks and twenty-one Defi Protocols

Today, there is little under $200 billion in defi, and that figure includes only the total value locked (TVL), not the enormous number of tokens associated with these specific protocols. At the moment, five distinct blockchain TVLs account for 82% of the $198 billion locked in defi protocols. Ethereum, Terra, Binance Smart Chain, Avalanche, and Solana are among the chains.

 

Ethereum

Ethereum presently has the greatest TVL, accounting for $108.51 billion, or 54.59 percent of the value locked in defi protocols. On March 14, Curve Finance became the largest decentralised exchange (dex) platform linked to Ethereum, with $17.72 billion in TVL. Makerdao is Ethereum’s largest collateralized debt position (CDP) application, trailing only Curve as the second-largest TVL in defi today.

Lido is Ethereum’s top defi protocol in terms of liquid staking, whereas Convex Finance is Ethereum’s top yield protocol. Finally, with a $11.35 billion TVL, Aave is Ethereum’s largest lending protocol.

 

Terra

Terra is the second-largest chain in terms of TVL in defi, accounting for $25.79 billion or 12.98 percent of total TVL. Astroport is Terra’s most popular dex, whereas Lido is the largest in terms of liquid staking. Pylon Protocol is Terra’s most popular product in terms of yield, having the highest TVL.

There is currently no CDP application for Terra, but the largest lending application on the blockchain is Anchor, which has a total value of $13.03 billion locked. Anchor’s defi lending strategy has experienced a 63.23 percent growth in TVL over the previous 30 days.

 

Binance Intelligent Chain

The Binance Smart Chain (BSC/BNB) is now the third largest blockchain in terms of defi TVL, with $11.73 billion in defi TVL, or 5.9 percent of the aggregate. Pancakeswap is the top dex on BSC, while the Mars Ecosystem is the largest CDP application.

There is no liquid staking via BSC, however Alpaca Finance is the network’s main yield provider. Venus is the largest protocol in terms of value locked on BSC when it comes to defi lending.

 

Avalanche

This week, Avalanche is the fourth-largest player in decentralised finance, with $10.88 billion, or 5.47 percent of the $198 billion in defi protocols. Trader Joe is today’s most popular Avalanche dex application, while Defrost is the most popular CDP on the blockchain.

In terms of yield, the Yield procedure On Avalanche, Yak is the leader, while Benqi retains the top liquid staking position. Aave, like Ethereum, is now the largest lending protocol on Avalanche.

 

Solana

Finally, Solana will be the fifth-largest defi blockchain in mid-March 2022, with a $6.69 billion TVL valuation, accounting for 3.37 percent of all defi assets owned today. Serum is Solana’s top dex, while Parrot Protocol is the blockchain’s CDP leader.

Marinade Finance is the market leader in Solana’s liquid staking applications, whereas Quarry is the highest yielding protocol. Solend has secured the largest financing application on Solana this week, totaling $575.3 million.

Apart from the Top 5, There Are Dozens of Networks and 862 Lending, CDP, Yield, Liquid Staking, and Dex Applications to Choose From.

While the five distinct blockchains and hundreds of aforementioned protocols account for the majority of the money in defi today, there is a diverse array of other blockchains and applications accessible. At the time of writing, there are 384 dex programmes that provide coin exchange, and 125 loan defi protocols that enable crypto borrowing and lending. There are 328 defi apps that offer some form of yield, including 16 different liquid staking apps. Additionally, there are at least 30 distinct CDP systems that issue stablecoin assets backed by collateral.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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