Due to ongoing uneasy market conditions, there can be no DeFi TVL rebound as of yet. However, several chains note some prominent omentum, confirming decentralized finance remains of keen interest. Tron and Arbitrum are on the move again, and Osmosis tries to follow swiftly.
Tron DeFi TVL Keeps Rising
Many people assumed the decentralized finance momentum for Tron would be rather short-lived. The network overtook BNB Chain in overall TVL, which was unthinkable about a year ago. However, the Tron network has come a long way and continues to make inroads in DeFi. Despite the bearish momentum affecting all crypto markets, things are progressing nicely for this altcoin.
Thanks to another 4% gain in Total Value Locked this week, Tron continues to move ahead of BNB Chain in the rankings. More specifically, it now represents over $6 billion in Total Value Locked, whereas BNB Chain is stuck at just over $5.5 billion. Both values are more than respectable, but there is more work to do.
What remains impressive is how Tron is home to under a dozen DeFi protocols yet still managed to inch ahead of all networks that aren’t Ethereum. That shows quantity is subpar to quality in the decentralized finance world, as BNB Chain has over 440 protocols. However, most of them have little to no TVL to speak of, and things may not improve on that front either.
It is worth noting JustLend and SocialSwap are the protocols on Tron noting growth this week. However, SUN, JustStables, and UniFi note pretty big setbacks. Overall, an exciting development, as lending remains the most prominent aspect of decentralized finance. It will be interesting to see where things head next for Tron and other networks.
Arbitrum And Osmosis Move Up
Two other networks noting some prominent DeFi momentum are Arbitrum and Osmosis. Those are not necessarily the names people would expect to see during these market conditions, but it confirms the versatility of decentralized finance. Sustaining any growth will always prove difficult for all networks, especially without bullish momentum for the native network currencies.
Of the main networks, Cronos and Optimism note the biggest losses this week. However, the momentum doesn’t favor Ethereum, Avalanche, Polygon, or Solana either. It will be interesting to see if DeFi ever returns to over $200 billion in TVL. That seems very unlikely as remaining above $62 billion is more than challenging enough these days.
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