The DefiLlama data aggregator figures show a $10 billion decline in the total value locked (TVL) of decentralized finance (DeFi).
As a result, despite intense competition from other platforms, Solana is able to make almost $6 billion from its business in the DeFi industry. With around 67% of DeFi’s TVL falling by 14.2% in April, Ethereum continues to control the majority of DeFi, while Bitcoin continues to rise.
The blockchains that experienced the biggest drop were Avalanche and Solana. It was a tremendous shock for Avalanche, which lost a substantial amount of money 31.5% while Solana was able to contain its losses to about 30%.
In April, the DeFi market was consolidating, with certain blockchains experiencing an incredible outflow.
Furthermore, Coinbase, a cryptocurrencycurrency exchange, established a Layer-2 blockchain called Base, which raised over $1 billion in locked funds in addition to some additional capital.
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