The total value locked (TVL) in decentralized finance (DeFi) has skyrocketed to $192 billion, marking the highest level in 15 months, according to DappRadar.
Factors Driving Growth
The surge is primarily attributed to rising token prices, particularly Ethereum (ETH) and Solana (SOL). Ethereum dominates DeFi with a 68% share, while Solana has seen growth in memecoin trading and DeFi activity.
Layer-2 Networks Shine
Bitcoin’s layer-2 solution, Merlin Chain (MERL), has also contributed significantly. It has become the largest Bitcoin sidechain, dwarfing the Lightning Network.
Solv Finance and MERL
Solv Finance, a protocol that allows users to deposit Wrapped Bitcoin, holds over half of MERL’s $1 billion TVL. MERL is currently trading at $0.441, down 10.10% in the past 24 hours.
Disclaimer:
Opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies.
