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- Credit protocol Aave and RWA project Ondo Finance have boosted Ethereum’s TVL.
- Solana made decent profits, while Layer-2 chain Base struggled.
The past week proved to be a fruitful month for Web3 liquidity as total value locked (TVL) across major networks and projects saw a significant increase, according to a report by blockchain analysis protocol 0xScope.
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DeFi strengthens Ethereum
Ethereum [ETH], the largest smart contracts chain, led the charge, adding $2.46 billion in capital to its holdings over the course of the week, up 5.25%. The growth was fueled by Ethereum-based decentralized finance (DeFi) protocols such as Aave [AAVE] and Convex Finance.
Credit protocol Aave witnessed a capital addition of nearly $63 million to its V3 protocol, with a growth rate of 3.5%. In fact, a longer timeline chart from DeFiLlama showed that TVL on the third version of Aave was up 13% from the previous month.
Source: DeFiLlama
For the uninitiated, Aave launched its third iteration V3 earlier this year, with features such as improved capital efficiency and gas optimization. 0xScope stated that Aave’s dominance in the TVL rankings may have been due to the migration of liquidity from the previous two versions to the latest.
In addition to Aave, the Emerging Real World Assets (RWA) protocol Ondo Finance also rose in the ranks. The platform has collected $33.4 million in TVL over the past week, reinforcing bullish sentiment around RWAs.
Solana gets pumped by liquid strike
While Ethereum topped the charts, Solana was another popular chain for DeFi activities [SOL], also posted significant gains last week. The Solana-based liquid staking protocol was the biggest winner, with over $7 million worth of SOL coins locked on the platform.
Source: DeFiLlama
The project has made parabolic moves in terms of deposits and stakes over the past three months. In fact, liquid staking seemed to power Solana’s DeFi. The king of them all, Lido Finance [LDO]saw an inflow of approximately $3.3 million on Solana.
The base remains stagnant
Indeed, the established networks in the DeFi TVL space once again showed their prowess. However, the recently launched Layer-2 chain Base didn’t have much to brag about.
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The Coinbase-backed project saw a paltry TVL growth of just 0.04% last week. Remember, Base lost $27 million in liquidity last week.
0xScope said Base entered a “bottleneck” period following the growth boom the company witnessed in August.