Total Value Locked (TVL) in decentralized finance (DeFi) platforms stood at $69.95 billion as of Dec. 23.

Ethereum-based DeFi projects have a combined TVL of  $45.96 billion — 65.6% of all TVL in DeFi across crypto, according to data from DeFiLlama.

BNB chain has the second largest amount of TVL at $6.94 billion — making up 9.92% of DeFi TVL. 

Tron sits third on the list with $4.62 billion in DeFi TVL on the blockchain — making up 6.5% of the total share.

With $1.88 billion in TVL, Avalanche ranks fourth, ahead of Arbitrum which has $1.69 billion in TVL.

Arbitrum is one of the few chains that experienced a steady growth in TVL — up 44.2% from $941.55 million over six months — despite the bear market.

Arbitrum has seen explosive growth since the Nitro upgrade. At the end of October, daily users grew 3x to 76.100 from 25.100 over 10 days. Currently, the active user count stands at 55,100.

Polygon currently has $1.6 billion in DeFi TVL on the chain — equating to 2% of the overall DeFi TVL.

TVL on Polygon is down 68.9% over the last six months from $4.51 billion in May.

Optimism, Fantom, Cronos, and Solana make up the top 10 blockchains in terms of TVL amount.

Important to note that certain networks capture TVL predominantly through a few protocols. For instance, PancakeSwap accounts for 44.31% of the TVL in the BNB chain.

Moreover, total protocols on the Polygon network have grown to 351. Comparatively, BNB chain currently has 515 total protocols and Ethereum has 617.

The post DeFi platforms across blockchains hold $69.95B in TVL – 65.6% locked on Ethereum appeared first on CryptoSlate.

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