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TVL Crypto: TRON Surpasses All Blockchains in 2023, Behind Ethereum!

Tue 02 Jan 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed DeFi

While Ethereum maintains its undisputed first place in terms of TVL, competition is heating up for the following spots. TRON, as well as powerful challengers, are emerging and attracting billions of dollars into their respective crypto ecosystems.

TVL crypto

Tron and BNB Chain: The Ambiguous Winners of TVL

Right behind Ethereum, TRON secures second place and BNB Chain takes third in terms of TVL. These two networks have greatly benefited from the enthusiasm around algorithmic stablecoins in 2023. 

Projects such as USDD on TRON or BUSD on BNB Chain have attracted numerous users enticed by the promise of high returns. Despite the risks posed by the instability of these assets, crypto investors have flocked to these platforms offering tempting yield farming opportunities.

It remains to be seen whether this value will stay locked in the long term or if it evaporates as quickly as it arrived. Because TRON and BNB Chain remain synonymous with risk for many in the crypto sphere. But for now, these networks are well placed behind Ethereum.

The Challengers Making Their Mark on the DeFi Market

Next, there’s a heterogeneous mix of layer 2 solutions and rival blockchains. In this top 10, there are Arbitrum, Solana, Blast, Optimism, Avalanche, Polygon, Base, Cardano. These projects share the common goal of having managed to build attractive DeFi ecosystems and draining billions of dollars in secured value.

For instance, Polygon has established itself as a popular option for decentralized yield farming due to negligible crypto transaction fees. Meanwhile, Solana relies on its speed and throughput to attract ambitious DeFi projects. As for Avalanche, it has built a reputation as an “Ethereum compatible” chain which offers reassurance.

The underdogs are also present, as shown by the emergence this year of networks such as Near, Harmony, or the newcomers Base, Blast, and Aptos in the top 15 TVLs. Proof, if any were needed, that the DeFi space remains open to innovation.

Fueled by the excitement for crypto, the DeFi ecosystem has continued to grow in 2023. Consequently, it has seen the rise of numerous blockchain challengers like TRON. But while Ethereum undoubtedly remains the leader, the competition for the second spot is fierce. In a Far West where caution is still advised. The coming months will be decisive in determining which networks will be sustainable.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.