Five years ago, there was a large quantity of digital currencies and blockchains, but there were very few trading platforms that dealt with decentralized exchange. Since the boom of decentralized finance (defi), there’s now a myriad of decentralized exchange (dex) platforms that allow people to swap funds in a private, non-custodial manner. These days the biggest dex applications are catering to a variety of blockchain networks via cross-chain technology.
Curve’s TVL Nears $20 Billion, Curve DAO Token Jumps 82%, Pancakeswap and Sushiswap Follow With TVLs Over $10 Billion
Defi has exploded in popularity during the last 12 months and there are numerous applications and platforms tending to the needs of traders and liquidity providers. Currently, there’s $245.1 billion in total value locked in defi platforms today across blockchains like Ethereum, Solana, Avalanche, Polygon, Binance Smart Chain, and more.
Total value locked in decentralized finance (defi) across multiple blockchains on October 26, 2021.
Data from defillama.com indicates that the lending system Aave has the largest dominance metric today with 7.95% of the $245 billion, or $19.46 billion TVL. Aave is compatible with Ethereum, Polygon, and Avalanche and the TVL has increased 18.13% during the last seven days.
In terms of dex TVL rankings, Curve is the number one contender with $18.21 billion and compatibility with seven different blockchains. The Binance Smart Chain (BSC) dex application, Pancakeswap, has the second-largest TVL with $5.77 billion across only one chain.
The top seven dex platforms in terms of TVL rank on October 26, 2021.
The Curve dex cryptocurrency, otherwise known as curve DAO token (CRV), has increased in value 82.4% during the last week. Cake, the native currency for the Pancakeswap dex, is only up 0.7% this past week. Sushiswap is just below the BSC dex with a $5.6 billion total value locked across 13 unique blockchains. Sushiswap’s native asset, SUSHI, has gained 3.0% during the last seven days.
Uniswap, which leverages the Ethereum blockchain, has a TVL of around $5.26 billion, up 8% during the last week. UNI has gained 4.7% this past week and Uniswap version 3 is the sixth-largest dex in terms of total value held.