Solana

2024

DeFi

April

Avalanche

According to the <a href="https://defillama.com/?liquidstaking=true" target="_blank" rel="noopener" data-wpel-link="external">DefiLlama</a> data aggregator statistics, the decentralized finance (DeFi) total value locked (TVL) plunged by $10 billion. 
Avalanche and Solana were the blockchains with the greatest decline. It was a huge shock for Avalanche, which suffered a significant outflow of funds amounting to 31.5%, while Solana managed to hold its losses to around 30%. 
Thus, although it faces fierce competition with other platforms, Solana still manages to gain around $6 billion in its operation in the DeFi sector. It is still Ethereum that holds onto most of DeFi with around 67% of DeFi’s TVL in April, dropping by 14.2%, while Bitcoin carried on as it rolled on. 
Additionally, Base, a Layer-2 blockchain developed by the cryptocurrency exchange Coinbase, brought in some new capital and raised over $1 billion in total locked funds. 
The DeFi market was in consolidation mode in April, where some blockchains had a staggering outflow. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/02/cipher-minings-april-2024-operational-update/" data-wpel-link="internal">Cipher Mining’s April 2024 Operational Update</a> 
</blockquote>

DeFi TVL Plunges $10B: Avalanche & Solana Lead Losses

The Crypto Times

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