Who wins the TVL competition 2023?

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According to Coin98 Analytics, the blockchain platform with the highest total value locked (TVL) by the end of 2023 is Tron (over $8 billion). BNB Chain ($3.5 billion) and Arbitrum ($2.4 billion) round out the top three, while Solana lags behind at $1.4 billion. The analysis excludes Ethereum, which is worth nearly $30 billion.

However, this year the rankings changed. After BNB Chain was surpassed by Tron, the top three changed.

Solana was at the bottom in January 2023 with a TVL of $210 million. A year has passed and new blockchain networks have emerged and changed the landscape. One example is Base, the Layer-2 solution launched by Coinbase in August, whose TVL gradually increased in 2023, reaching nearly $440 million by the end of the year.

For its part, the upcoming L2 blockchain Blast made a splash in the industry in Q4, positioning itself as a leader and entering the top 5 this year with over $1 billion in TVL. The network’s growing popularity led to a phishing attack in November that cost one victim more than $130,000. Blast’s mainnet is scheduled to launch in February this year.

Optimism, Avalanche, Polygon, and Cardano are the remaining blockchains in the top 10. Cardano started the year with less than $50 million in revenue and ended up with over $400 million in revenue.

By the end of 2023, in addition to #Ethereumthe following are the top 10 blockchains with the highest TVL:

create
BNB chain
arbitration
Solana
blasting
optimism
avalanche
polygon
according to
Cardano pic.twitter.com/jvgGvJCwKN

— Coin98 Analytics (@Coin98Analytics) December 31, 2023

Several cryptocurrencies, including Solana’s SOL and Cardano’s ADA, have seen significant price increases over the past year. Over Christmas, SOL rose from less than $10 to nearly $125, while ADA rose 150% to over $0.60.

Although increased TVL may be a factor in these mutations, the relationship is not always proportional. TVL refers to the total amount of crypto assets stored in a specific DeFi protocol and can be considered a sign of the trust and stability of the relevant network.

On the other hand, an increase in TVL could be the result of a bull market. In this case, new funds will not enter the ecosystem, but the value of the locked assets will increase because the price also increases.

Solana and Cardano take center stage

These two networks have recently attracted the attention of industry players in particular due to their recent achievements. In mid-December, Solana surpassed Ethereum in Google searches, becoming more popular in countries such as Spain and the Philippines.

It also outperforms its competitors in the non-fungible token space. Last month, its NFT sales surged to $75 million per week, compared with Ethereum’s $72 per week. Additionally, Solana’s on-chain transaction volume peaked at over $2.6 billion on December 22, while Ethereum hit a record of $1.6 billion that day.

Cardano is rated as the top network in terms of development activity over the past 30 days. This happened at the end of December, followed by Polkadot, Kusama and Avalanche.