Ethereum's market share in overall DeFi TVL declined the beginning of 2021, as users searched for cheaper alternatives. The DeFi TVL indicates the total amount of cryptocurrency locked across multiple blockchains which support DeFi applications or dapps. Ethereum accounted for approximately 67 percent of the total DeFi market by November 2021. Competing blockchains like Solana emerged in 2021, however, as the transaction fees - or gas price - of Ethereum increased during the year. This led app developers and NFT trader sto try and find cheaper alternatives.
Distribution of total value locked (TVL) in selected DeFi blockchains as of January 1 and November 15, 2021
(in billion U.S. dollars)
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Website (Defi Llama). (November 15, 2021). Distribution of total value locked (TVL) in selected DeFi blockchains as of January 1 and November 15, 2021 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1277142/defi-tvl-market-share-selected-blockchains/
Website (Defi Llama). "Distribution of total value locked (TVL) in selected DeFi blockchains as of January 1 and November 15, 2021 (in billion U.S. dollars)." Chart. November 15, 2021. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1277142/defi-tvl-market-share-selected-blockchains/
Website (Defi Llama). (2021). Distribution of total value locked (TVL) in selected DeFi blockchains as of January 1 and November 15, 2021 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1277142/defi-tvl-market-share-selected-blockchains/
Website (Defi Llama). "Distribution of Total Value Locked (Tvl) in Selected Defi Blockchains as of January 1 and November 15, 2021 (in Billion U.S. Dollars)." Statista, Statista Inc., 15 Nov 2021, https://www.statista.com/statistics/1277142/defi-tvl-market-share-selected-blockchains/
Website (Defi Llama), Distribution of total value locked (TVL) in selected DeFi blockchains as of January 1 and November 15, 2021 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1277142/defi-tvl-market-share-selected-blockchains/ (last visited November 22, 2024)
Distribution of total value locked (TVL) in selected DeFi blockchains as of January 1 and November 15, 2021 (in billion U.S. dollars) [Graph], Website (Defi Llama), November 15, 2021. [Online]. Available: https://www.statista.com/statistics/1277142/defi-tvl-market-share-selected-blockchains/
