From east to west, north to south, from NFTs to decentralized finance (DeFi), the negative impact of the winter of crypto-the currencies were unmistakable.
In fact, according to DefiLlama, the DeFi ecosystem saw a 69% drop in total blocked volume (TVL) across protocols across all channels in the first half of the year. However, following a bullish retracement lately, an uptick has been seen in the TVL of major protocols. With a figure of $89.06 billion at press time, the market’s TVL is up 18% in the last 30 days alone.
How did the three main chains – Ethereum, BNB Chain and Tron – perform?
The story of the 3 chains
With a TVL of $57.21 billion, the Ethereum network holds more than half (64%) of the total TVL market share, or $89.06 billion. Read also: TerraUSD (UST) Joins Nexo Exchange and Offers Double Yield Rewards. During the first half of the year, the network recorded a drop of 69%. At the end of the second quarter, the TVL on Ethereum stood at $46.11 billion.
As the past 30 days have seen growth in TVL, the Ethereum network has seen a 19% increase over this period. With a TVL of $8.56 billion, MakerDAO prides itself as the number one protocol hosted on the Ethereum network. In the first half of the year, its market value fell by 58%. After experiencing some correction, 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 holds a 7.5% ($6.86 billion) TVL share of the overall market. In the first half of 2022, the TVL of the network 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 last 30 days.
With $3.15 billion in TVL, PancakeSwap has the highest TVL on the BNB channel. After declining from $5.53 billion to $2.95 billion in the first half of the year, the protocol’s TVL has seen some recovery over 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 saw a 32% drop in TVL. The network has seen the most gains over 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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