According to DeFi Llama data, the DeFi industry saw a 15 percent growth in the current quarter, reaching a locked total value (TVL) of $63 billion from $54.66 billion. On the other hand, DeFi protocols, which took a big hit in the second quarter, saw a decrease of around 65 percent from the TVL value of $ 155 billion, falling to $ 54 billion.
The latest rebound was led by the market-dominated Ethereum network. The Ethereum network, which today owns 56 percent of the total TVL, has a TVL of $35 billion. On the other hand, Ethereum price is currently moving in the $ 1,600 band after falling to the $ 1,000 limit in the current quarter. Ethereum has also managed to double its value in the short term while testing the $2,000 band this month, following news that the merge update will take place in the planned timeframe.
The locked total value (TVL), which represents the size of the DeFi industry, shows the total amount of cryptocurrencies that investors have tied to credit and staking protocols. A user creates the TVL pool by contributing to the mining of cryptocurrencies using the proof-of-stake consensus model and raising funds to earn passive income through staking. The larger the amount of TVL in a crypto project, the healthier the project is considered.
Ethereum, the protocol with the highest TVL, has a locked total of $35 billion today after the TVL increase in the 18 percent band in July. The TRON network, on the other hand, has made a significant breakthrough in recent months, surpassing BNB as the second largest DeFi protocol with today's $6 billion TVL.
BNB Chain, on the other hand, ranks 3rd with TVL of $5.46 billion, while Polygon network ranked 4th with $2.12 billion, with a 26% increase in TVL, when looking at the last 1-month changes. In the 5th place is Avalanche, which has seen a loss of 25 percent in the last 1 month and regressed to TVL of $ 2.1 billion.
In the Polygon network, the recent growth can be attributed to the significant improvements in the network and the deployment of many projects in Polygon after the collapse of Terra. Polygon is also the only blockchain network selected for the Disney Accelerator program. On the other hand, Ploygon, which has made an agreement with the UK-based Nothing company, is involved in a Web3-based phone development project.
Glassnode data, on the other hand, highlighted the lack of new user presence despite the slight recovery seen in DeFi in Q3. The analysis company thinks that the latest situation does not reflect stable growth yet.