Ethereum

Solana

DappRadar

DeFi

The total value locked (TVL) in decentralized finance (DeFi) applications surged to $192 billion in May, the highest since February 2022, according to DappRadar.&nbsp; 
According to the data, the surge was due to higher prices of Ethereum and other tokens. However, the number of unique active wallets (UAW) in DeFi saw a 21% decline, dropping to 1.75 million, which is 17% of the total UAW for Web3 applications. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeniLeqyOrtAkVNjU-jjYdIBlJcP3fwQzrBjEHIGk7I_cYlXI5Bo702dv0DcNAI-EXQUW08CLxjBbqqcI0kC7O2UrWtF700ZXeIhoZXaqu-hhj5dmg3RBX8Sin4fa-JfQD80Y4ZpwIHdHhkdID163vPu_jK?key=TVD-C5P5FAokMT96EEIucw" alt="AD 4nXeniLeqyOrtAkVNjU jjYdIBlJcP3fwQzrBjEHIGk7I cYlXI5Bo702dv0DcNAI EXQUW08CLxjBbqqcI0kC7O2UrWtF700ZXeIhoZXaqu hhj5dmg3RBX8Sin4fa JfQD80Y4ZpwIHdHhkdID163vPu jK?key=TVD C5P5FAokMT96EEIucw">
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 Source: <a href="https://dappradar.com/blog/defi-tvl-hits-192b-with-best-performance-since-february-2022?__cf_chl_tk=Mh_t8htkHdxaliIrd08T82wftNnkHWeVQ5BaOwyUV5Y-1717794981-0.0.1.1-7316" target="_blank" rel="noopener">DappRadar</a>
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Ethereum dominated the DeFi market with a TVL of $130 billion, accounting for 68% of the total. Solana followed with $10.9 billion, representing 5.7% of the total. Solana’s DeFi TVL increased by 14% over the previous month, showcasing strong performance. 
DappRadar attributed the TVL increase to speculation surrounding a potential Ethereum exchange-traded fund (ETF). This speculation led to a rise in the U.S. dollar value of cryptocurrencies locked in DeFi applications, which grew by 17% in May.&nbsp; 
DefiLlama <a href="https://defillama.com/?volume=true&amp;aggregators=true&amp;tvl=false" target="_blank" rel="noopener">reported </a>that 24-hour trade volumes on decentralized exchanges jumped from $1.7 billion to $5.1 billion between October 2023 and June 2024, driving higher yields for liquidity providers. 
The gaming sector reported over 3 million active users, a 7.5% increase from the previous month. NFT marketplace users rose by 11% to 1.52 million, and Web3 social media apps saw a 29% increase, reaching 1.92 million UAW. Overall, the total number of Web3 UAW reached 10.4 million. 
Recently, decentralized finance (DeFi) protocols have <a href="https://www.cryptotimes.io/2024/05/19/defi-tvl-hits-94-974b-with-11-89b-increase/">seen a surge</a>, with the total value locked (TVL) rising by $11.89 billion. As of May 18, the TVL reached $94.974 billion, according to defillama.com. Notably, Perfectswap experienced a complete decline with a 100% reduction in its TVL.&nbsp; 
Among the major protocols, Lido Finance holds approximately $29.21 billion, a 1.49% increase. Eigenlayer reported $15.40 billion in TVL. Other protocols such as MakerDAO, Justlend, and Aave also saw an increase of 7.95%, 4.95%, and 9.22%, respectively. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/06/08/andrew-tate-burns-10-million-worth-top-g-tokens/">Andrew Tate Burns $10 Million Worth TOP G tokens</a> 
</blockquote>

DeFi TVL Reaches $192B in May Amid Decline in Active Wallets

The Crypto Times

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