In a Nov. 20 post on X, Coingecko, a leading cryptocurrency data aggregator reports Ethereum, Tron and Binance Smart Chain make up a total of 92.5% of total value locked (TVL) of the top Layer-1 blockchains.
At the same time, L1s are said to only be experiencing modest growth in TVL compared to L2s.
A yearly peak
Data in the report highlights that as of October, Ethereum leads as the foremost L1 blockchain, boasting a TVL, a measurement looking at the total value of digital assets that are locked or staked in a particular defi platform, of $23 billion.
Our recent study shows that , and Smart Chain combined make up 92.5% of the total TVL of the top Layer-1 blockchains.Read the full study:
— CoinGecko (@coingecko)
Notably, Ethereum achieved its peak TVL of $31.5 billion in April 2023, shortly following the Ethereum merge on April 12.
In October 2023, Tron (TRX) achieved its yearly peak of $7.9 billion in TVL, making it the second largest L1 blockchain, while Binance Smart Chain (BSC) secured the third position with a TVL of $2.8 billion. Notably, BSC reached its highest TVL of $5.7 billion in February this year.
The report goes on to highlight that despite Bitcoin being the first blockchain, it only ranks at number 8 in the top 10 L1 blockchains by the same TVL measurement.
An L2 leader
Comparatively, from earlier this month on X identified Arbitrum as the leading Layer 2 solution.
At the time, Arbitrum was said to secure a TVL of $1.79 billion in October, accounting for 41.2% of the market share among the top Layer 2 solutions.
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