Skip to content
DefiDraft

DefiDraft

Empowering the Future of Finance: Stay Ahead with our DeFi News

Categories

  • AI
  • Altcoin
  • Bitcoin
  • Blockchain
  • Blogs
  • CHARTS
  • Crypto
  • DeFi News
  • Defipedia
  • Ehtereum
  • Guest Post
  • Metaverse
  • Mining
  • News
  • NFT
  • Press Release
  • Review
  • Sponsored Post
  • Trading
  • Wallets
  • Web3
  • DeFi News
  • Defipedia
  • Review
  • Advertise
  • Home
  • DeFi News
  • DeFi Sector Shows Strong Growth in Q1 2023, Driven by Arbitrum and Optimism
  • DeFi News
  • News

DeFi Sector Shows Strong Growth in Q1 2023, Driven by Arbitrum and Optimism

Debangshu April 10, 2023 2 min read
Cardano's DeFi TVL nearly Triples in Q1 2023: Reports

Cardano's DeFi TVL nearly Triples in Q1 2023: Reports

The DeFi sector has shown remarkable growth in Q1 2023, with a total value locked (TVL) of $83.3 billion, a 37.44% increase from the previous quarter. The surge in popularity of scaling solutions, such as Arbitrum and Optimism, has contributed to the rising interest in DeFi.

Arbitrum Conducts Highly-Anticipated Airdrop

Arbitrum, the Ethereum layer-two scaling solution, conducted a highly-anticipated airdrop that attracted a lot of traders in Q1. Over 1 billion ARB tokens were distributed to more than 600,000 eligible addresses, stabilizing the token’s market capitalization near $1.5 billion and putting it ahead of its closest competitor, Optimism. The two scaling solutions maintained market dominance and ranked among the top 10 TVL blockchains.

Ethereum Remains Dominant Blockchain Protocol in DeFi Landscape

Ethereum remains the dominant blockchain protocol in the DeFi landscape, with a TVL of $55.8 billion, representing 66.95% of the entire DeFi TVL. The BNB Chain takes second place, with a 20.69% increase reaching $7.2 billion in Q1 2023. Tron ranks third on the list with a TVL of $5.2 billion, despite facing charges from SEC and its founder Justin Sun. It gained a 17.55% increase in Q1.

PancakeSwap Tops List as Most Used Dapp

PancakeSwap tops the list as the most used dapp in the industry, with 1.37 million Unique Active Wallets in March 2023. Solana’s TVL has seen a significant increase of 127.05%, reaching $791 million, likely due to the DAO building tool SPL Governance. The SPL Governance now has about $179.75 million in TVL.

DeFi Market Makes a Comeback After Silicon Valley Bank Saga

Following the Silicon Valley Bank saga, the DeFi market experienced a brief downturn, with a drop in TVL by 9.6%. However, the market quickly recovered after the USDC reserve deposits held at Silicon Valley Bank were opened to the public, leading to a 13% spike and stabilizing the market.

***

Debangshu

Debangshu is a content writer specializing in the Crypto and DeFi beats. Moreover, he holds 3 years of writing experience in technical niches. He has produced content for a wide range of publications and news outlets, ranging from cryptocurrency-oriented websites to corporate websites.

Post Views: 1,535
Tags: blockchain decentralized finance deFi DeFi Protocols future of DeFi

Continue Reading

Previous: Meta Unveils AI Tool to Identify Objects Within Images
Next: French Central Bank Proposes New Regulations for Decentralized Finance

Latest Post

Recent Posts

  • Rebase Integrates with LayerZero to unleash Cross-Chain Potential!
  • A Promise to Prioritizing Crypto Users’ Interests From Products to Services
  • CoinEx Takes the Center Stage as the Official Title Sponsor for BlockTalks Event in Bengaluru
  • AFAQ Group Announces the 24th Financial Expo-QFEX
  • AFAQ Group Announces Innovation Digital Economy Summit-IDES

Ecosystem

Rebase Integrates with LayerZero to unleash Cross-Chain Potential!
2 min read
  • Press Release

Rebase Integrates with LayerZero to unleash Cross-Chain Potential!

December 8, 2023
A Promise to Prioritizing Crypto Users’ Interests From Products to Services
2 min read
  • News

A Promise to Prioritizing Crypto Users’ Interests From Products to Services

December 7, 2023
CoinEx Takes the Center Stage as the Official Title Sponsor for BlockTalks Event in Bengaluru
3 min read
  • Press Release

CoinEx Takes the Center Stage as the Official Title Sponsor for BlockTalks Event in Bengaluru

December 7, 2023
AFAQ Group Announces the 24th Financial Expo-QFEX AFAQ Group Announces the 24th Financial Expo-QFEX
2 min read
  • Press Release

AFAQ Group Announces the 24th Financial Expo-QFEX

November 30, 2023

About

Defidraft is the ultimate source for the latest news and analysis on the world of decentralized finance.

Connect with Us

  • Twitter
  • Instagram
  • Facebook
  • LinkedIn
  • Telegram

Chat with us: @Defidraftofficial

Recent Posts

  • Rebase Integrates with LayerZero to unleash Cross-Chain Potential!
  • A Promise to Prioritizing Crypto Users’ Interests From Products to Services
  • CoinEx Takes the Center Stage as the Official Title Sponsor for BlockTalks Event in Bengaluru
  • AFAQ Group Announces the 24th Financial Expo-QFEX

TAGS

Binance Bitcoin blockchain Cardano Crypto cryptocurrency decentralized finance deFi DeFi Hack DeFi Protocols ethereum future of DeFi News Ripple SEC SHIB Shiba Inu technology US XRP

  • News
  • Press Release
  • Sponsored Post
  • Our Partners
  • Contact Us
Copyright © DefiDraft | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$38,203.003.05%
  • ethereumEthereum(ETH)$2,075.352.87%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$231.702.26%
  • rippleXRP(XRP)$0.611.95%
  • solanaSolana(SOL)$58.066.01%
  • usd-coinUSDC(USDC)$1.000.18%
  • cardanoCardano(ADA)$0.3871122.25%
  • dogecoinDogecoin(DOGE)$0.0806042.88%
  • avalanche-2Avalanche(AVAX)$20.791.85%
  • matic-networkPolygon(MATIC)$0.751.64%
  • polkadotPolkadot(DOT)$5.272.85%
  • litecoinLitecoin(LTC)$70.131.84%
  • shiba-inuShiba Inu(SHIB)$0.0000081.26%
  • crypto-com-chainCronos(CRO)$0.0945322.90%
  • binance-usdBUSD(BUSD)$1.000.18%
  • terra-lunaTerra Luna Classic(LUNC)$0.00012016.21%