Avalanche’s TVL approaches BNB and establishes its position in the top five
According to DeFi LIama, the total value of AVAX Locked has exceeded $11 billion as the market once again shifted its focus from traditional cryptocurrencies to decentralized financial solutions such as cryptocoins, farming, and more.
According to the DeFi LIama tracking service, the total value locked in AVAX has exceeded $11 billion as most of the allocated funds reside in the AAVE protocol, which allows users to provide lending services to others.
The total TVL for the AAVE protocol is currently approximately $13.5 billion and has experienced an increase of $1 billion since February 7. But while the protocol has an impressive amount of money locked in its contracts, it is still $6 billion away from all existing ones. – Highest level of $19 billion.
Second place on the AVAX network is being held by Trader Joe’s Protocol, a decentralized trading protocol that currently holds $1.5 billion in TVL.
For AVAX competitors, the first place in the total value lock is held by the Ethereum network, with over $127 billion worth of Ether locked into various smart contracts. Second place goes to the Luna network, which has $16 billion in locks.
Avalanche’s closest rival, BNB, currently has $13 billion locked in total value, but at the same time, the network suffers a 10% monthly loss in the number of funds locked in the contract. Such a sharp drop in the amount of funds held in BNB contracts could be linked to a change in market sentiment.
The fifth spot on the network with the largest TVL is being sealed by Phantom Networks, with $8.5 billion locked in various contracts.
At press time, Avalanche’s native token, AVAX, was trading at $93 and went through a three-day rally with a 20% price increase.