As competition continues to heat up in the world of decentralized finance, comparing individual chains becomes more interesting. Everyone knows Ethereum is the top dog for Defi TVL, but the other spots in the rankings are still fair game. Solana is catching up to Binance Smart Chain, and Terra isn’t too far behind either. 

BSC Vs Solana Vs Terra For DeFi TVL

It is intriguing to see how the different blockchains stack up regarding total value locked in DeFi protocols. Competing with Ethereum will be impossible for most blockchains, although they can support existing and future projects embracing a cross-chain approach. Several DeFi protocols already explore opportunities in that regard, acknowledging Ethereum isn’t the only choice. 

Binance Smart Chain is, for many, the next big blockchain for decentralized finance. A valid sentiment, as 110 protocols operate on this blockchain today. That is second to only Ethereum, which has 243 protocols. However, the number of protocols doesn’t necessarily equate to a high amount of TVL. For BSC, the current metrics confirm there is $16.94 billion in total value locked. 


Source: DeFiLlama

Third on the list is Solana. Most people might have expected Polygon or Avalanche, but neither of those makes the top four at this time. Solana is quickly gaining momentum for decentralized finance. Despite only having 22 protocols, they represent $10.13 billion in TVL. An impressive ratio and a sign that overtaking Binance Smart Chain isn’t impossible whatsoever. 

Curiously. It appears that Terra, of all blockchains, ranks fourth for total value locked in DeFi projects. The ecosystem is home to merely eight DeFi protocols, adding up to $9.08 billion in total value locked. The project/TVL ratio on Terra is off the charts, confirming there is a lot of merit to this ecosystem. It is also home to UST, a popular stablecoin. 

Where Is The Money Flowing?

While all of the ecosystems above are top contenders for the top four spots by TVL, it is crucial to look further. Several blockchains attract tremendous liquidity as of late, even though they do not show up on the top rankings. Telos, for example, welcomes a 406% increase in TVL, even though its total is barely above $2.5 million.

Source: DeFiLlama

Moonriver, Karura, EOS, and Zilliqa are also making ways on that front. Their TVl increased by between 26.26% and 169% in the past week. Moonriver is in a good position to surpass the $1 billion mark eventually, whereas the others are still catching up, a lot is happening in the DeFi space and may not necessarily involve the blockchains you would expect.