The post DeFi landscape ends 2024 with 2.5X growth, Ethereum (ETH) shrinks its dominance appeared on BitcoinEthereumNews.com.

The DeFi landscape evolved in the past few years, with a shifting balance of the most widely used chains. A trend has formed where Ethereum (ETH) is still the leader in nominal value locked, but has a smaller share of the DeFi market as a whole.  The DeFi market is shifting, as Ethereum (ETH) was joined by several other chains with successful financial apps.  At the end of 2023, the influence of Ethereum over the entire DeFi sector was at 72.2%. Total value locked (TVL) in DeFi was at $109B, still affected by the bear market. In the past 12 months, the total value locked ranged between $125B and up to $275B, depending on the method of reporting.  DeFi added more active new chains in 2024 The BNB Chain remained a low-key staple of the DeFi space, with an unchanged 4.5% market share, the same as the end of 2024. Solana achieved slight growth, from 3.6% at the end of last year to 6.7% of the market at the end of 2024. Solana’s bid for DeFi success came from DEX activity, as well as the attempt to create a native form of liquid staking and liquid re-staking. Solana boosted its transaction count and value locked based on increased DEX traffic from swapping meme tokens.  The other big shift in 2024 is the appearance of Bitcoin-based DeFi sector. Currently, up to 5.6% of all value is locked in BTC-based DeFi. Babylon Labs holds the biggest share, with $5.59B in self-custodied BTC staking. The current form of Bitcoin-based DeFi did not take off from the proposed L2 projects, which ended up with almost no value locked. The appeal of Babylon Labs lies in the ability to unlock BTC at any moment, with no need for bridging.  TRON is the other big shift…

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Filed under: News - @ December 25, 2024 3:25 pm