As of February 24, Berachain’s TVL outperformed Arbitrum’s $2.9 billion and Base’s $3.24 billion.
Berachain surpasses $3.26 billion TVL and ranks as the sixth-largest DeFi blockchain. It is a layer-1 blockchain. Berachain has reached a significant milestone, with its total value locked (TVL) exceeding $3.26 billion, according to statistics from the DeFi analytics platform DefiLlama.
Berachain now ranks as the sixth-largest blockchain network in decentralized finance (DeFi), surpassing significant competitors such as Arbitrum and Base.
As of February 24, Berachain’s TVL outperformed Arbitrum’s $2.9 billion and Base’s $3.24 billion. Berachain’s native token (BERA) is now trading at $6.75, with a $715 million market capitalization and a fully diluted valuation (FDV) of $3.3 billion.
Infrared Finance, a liquid staking platform, tops the network with a TVL of $1.52 billion, followed by Kodiak, a decentralized exchange, with $1.12 billion, and yield farming protocol Concrete, which has approximately $800 million in locked assets.
Despite Berachain‘s rapid ascent, Ethereum remains the major player in the DeFi industry, with a TVL of $58 billion, representing 53.4% of the global DeFi market. Solana ranks second with $8 billion in locked assets, accounting for 7.45% of the market.
Strong Investor Support Has Aided Berachain’s Progress
In September, Vance Spencer, co-founder of Framework Ventures, which led Berachain’s $100 million Series B fundraising round, identified BERA as a possible significant challenger to Ethereum.
Spencer emphasized the network’s distinct proof-of-liquidity consensus mechanism, which compels users to stake BERA and direct liquidity into key DeFi protocols, guaranteeing that transaction fees stay inside the ecosystem.
To add to the enthusiasm, the Bera Foundation held a major airdrop on February 6, releasing 80 million BERA tokens to eligible users.
The event, worth around $632 million, is among the greatest token giveaways in cryptocurrency history. TVL, or the total value of crypto assets locked behind a blockchain’s DeFi protocols, is an important metric of network health and user engagement.
A rise in TVL usually indicates higher liquidity, protocol usability, and increased investor confidence. Higher TVL statistics frequently result in higher yields for ecosystem members, while lower values may suggest restricted capital availability and lower returns.
DeFi TVL Reached $60 Billion
Earlier this month, TVL deposits on DeFi-focused blockchains surpassed $60 billion, the highest amount since August 2022.
DeFi deposits increased from $17.3 billion in January 2021 to approximately $178 billion in December of the same year, only to fall below $40 billion in December 2022, according to DeFi Llama.
Daily trade volumes on DeFi protocols have also increased significantly, hitting $7.3 billion in early January, the highest level since March 2023.
Since early December, the market value of DeFi-linked cryptocurrencies has increased from $72 billion to $77 billion.
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