Solana (SOL) blockchain retained its second position as the blockchain by the biggest TVL growth

TVL, or total value locked, is an essential metric for gauging the growth and success of blockchain networks in the DeFi market. Over the past week, multiple blockchains recorded substantial TVL growth, drawing attention among users, investors, and traders.

Today’s data by DefiLlama reported blockchains with top TVL growth over the last week.

As per the data, Ethereum retained its top position as the blockchain by the biggest DeFi TVL. Over the past week, Ethereum experienced an increase of its locked assets by 9.48%, currently placing its total DeFi TVL at a whopping $51.38 billion.

Following Ethereum, Solana took the second position with a DeFi TVL worth $8.04 billion, an increase of 9.51% over the last seven days. The TVL increase in Solana is fueled by leading protocols on the Solana chain, such as DeFi protocols, gaining substantial momentum.

The third on the list is Binance Smart Chain (BSC), with a TVL of $5.88 billion, a surge of 7.79% over the past week.

Bitcoin blockchain took the fourth position with a $5.65 billion, an increase by 51.97%. The performance suggests that more tokens are getting locked into DeFi projects running on top on the Bitcoin chain, contributing to resilience of Bitcoin’s TVL. This impressive increase in TVL corresponds with a broader market upward movement that bolstered BTC to above the $90k level, currently hovering at $94,003.

Tron blockchain occupied the fifth place. Its TVL currently stands at $5.13 billion, an increase by 8.59%, making the fifth largest blockchain in terms of DeFi TVL.

In DeFi, TVL is an essential indicator. It shows how much funds users have locked into DeFi protocols for staking, lending, and other DApps. TVL enables users understand the dominance of DeFi projects. Top TVL shows higher engagement and trust, implying more users are willing to lockout their tokens in the platforms.

Other blockchains with top DeFi TVL growth (as highlighted in the data) include Base, Berachain, Arbitrum, Sui, and Avalanche. Base blockchain settled on the sixth position, with a $2.91 billion DeFi TVL, a decrease by 10.26% in the last seven days. Berachain followed in a $2.73 billion TVL, a drop by 21.80%.

Eighth on the list is Arbitrum whose current TVL currently stands at $2.29 billion, a decrease by 9.12% over the last week.

Lastly, Sui and Avalanche wrapped this list with TVL worth $1.73 billion and $1.31 billion, respectively.