The DeFi is going through a turbulent phase with a significant decline in the total value (TVL) of prominent blockchains. DeFiLlama, a globally recognized decentralized finance (DeFi) TVL aggregator, revealed the statistical details of the top blockchains this past week. The report reveals that the top blockchains in TVL include Ethereum, Solana, Tron, Bitcoin, BSC, Base, Arbitrum, Sui, Hyperliquid and Avalanche.
Despite their significant TVL levels, the respective projects have witnessed a notable slump. This shows the prevailing uncertainty in the crypto market. The declining TVLs of the above-mentioned projects raise concerns about their near-term trajectory.
Ethereum dominates the top ten chains in terms of TVL with $64.242 billion
DeFiLlama’s list of top blockchains puts Ethereum at the top spot. The popular blockchain sees a total value of $64.242 billion in total. The figure in question indicates a decline of almost 8.45% over the past seven days. Additionally, Solana ranks 2nd as its total locked value has reached $8.587 billion. In line with this, the blockchain has experienced a significant drop of 10.07% over the past seven days.
Apart from that, Tron has secured the third spot among the top chains with a TVL of $7.001 billion. This amount is responsible for an 8.49% dip over the week, reflecting bearish sentiment. Subsequently, Bitcoin took 4th place with a TVL of $6.468 billion. Over the past seven days, the Bitcoin blockchain has suffered a slump of 4.13%.
Avalanche Bottoms list with $1.326 billion in TVL
After that, Binance Smart Chain’s TVL stands at $5.507 billion, showing a weekly decline of 3.38%. Moreover, Base has reached the 6th position with a total value of $3.507 billion, which represents a decline of 9.55%. Additionally, Arbitrum and Sui have $2.926 billion and $1.921 billion in TVLs, reflecting weekly declines of 7.73% and 6.65%. Additionally, Hyperliquid and Avalanche take 9th and 10th place with TVLs up to $1.43 billion and $1.326 billion, representing losses of 26.25% and 7.59%.
