The DeFi ecosystem saw an approximately 10% increase in the total amount locked across all major networks during September, with the total amount increasing by $12 billion to $133 billion.
According to Defilama datadecentralized exchanges (DEX) and liquid staking protocols were the biggest drivers of TVL growth.
Of the 10 major blockchains by TVL, Solana, Base, Sui, and Aptos had the highest percentage expansion at the end of the third quarter.
Solana rises with liquid staking
Solana’s DeFi ecosystem’s TVL increased by 17.9% last month and crossed the $10 billion threshold on September 25th after staying below this level for about 30 days. This growth was primarily driven by Liquid Staking protocols and DEXs.
Of Solana’s 10 largest dApps by TVL, Raydium had the most significant monthly growth, with TVL increasing 42% to $1.2 billion. Meanwhile, Jupiter recorded a 20% increase in TVL to $1.2 billion, making it the third largest DEX on the network. Based on locked values.
On the liquid staking front, the launch of Liquid Staking Tokens (LST) on centralized exchanges such as Binance Staked SOL and Bybit Staked SOL led to a 31% rise in Sanctum’s TVL. Together, these tokens added approximately $115 million to Solana’s liquidity staking arm.
Jito and Marinade also recorded double-digit growth in TVL last month, with TVL increasing by 12.4% and 17.1%, respectively.
$2 billion for base breach
Ethereum Layer 2 blockchain Base has recorded significant TVL growth this year, registering 420% year-to-date growth. This trend continued in September, when the network recorded a 51% increase in TVL, topping the $2 billion mark for the first time.
Similar to Solana, users’ locked funds in DEXs were the main driver of growth, with additional boost from DeFi money markets and yield protocols.
Aerodrome surpassed $1.1 billion in TVL in September, registering 95.6% growth in the month and establishing itself as the largest dApp on Base.
Money market Aave also showed a significant increase in TVL, increasing by 43.3% last month. Meanwhile, Moonwell’s recorded a monthly TVL growth rate of 47%. Additionally, Extra Finance, a leveraged yield protocol available on Base, saw a 40% increase in TVL during the same month.
Sui, Aptos
The move-based blockchain, Sui, had the most relevant percentage increase among the 10 largest blockchains announced by TVL last month. With a monthly growth of 83%, TVL crossed the $1 billion level for the first time.
Meanwhile, another Move-based blockchain, Aptos, grew significantly last month, reaching nearly $934 million in TVL after a monthly growth rate of 36.6%.
Both networks were primarily driven by increased activity in DEX and Liquid Staking protocols, with the top protocols recording significant increases in TVL.
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