DeFi Applications Hit New Monthly TVL Record Since February 2022

Bittime - According to Odaily, DappRadar's latest report highlights that total value locked (TVL) in decentralized finance (DeFi) applications surged by 17% in May, reaching $192 billion (Rp. 3,120 trillion). This milestone marks the highest monthly TVL since February 2022, driven primarily by the rise in Ethereum (ETH) value and increased trading activity.

TVL Increase but But Unique Wallet Decreases

Despite the increase in TVL, there was a significant 21% decline in the number of unique active wallets (UAW) involved in DeFi, which fell to 1.75 million. Ethereum remains the dominant player, accounting for 68% of total DeFi TVL, which is equivalent to $130 billion (Rp. 2,112.5 trillion). Solana followed, taking second place with a TVL of $10.9 billion (Rp. 177.625 trillion), which accounted for 5.7% of the total and saw an increase of 14% month-on-month.

The report attributed TVL growth primarily to short-term speculation, driven by growing interest in Ethereum ETFs. This speculation has led to increased capital flows into DeFi platforms, reflecting the market reaction to the ever-expanding landscape of Ethereum-based financial products.

As a conclusion

the decentralized finance sector has seen a significant increase in value locked in its applications, reaching new heights not seen since early 2022. Despite the decline in the number of active users, capital inflows, especially into Ethereum and Solana, highlight the dynamic and speculative nature of the current DeFi market This.

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