The decentralized finance (DeFi) sector observed a notable expansion in September, with total value locked (TVL) across major blockchain networks increasing by approximately 10%. This growth resulted in a total TVL of $133 billion, up by $12 billion.
Data from DefiLlama highlights that decentralized exchanges (DEX) and liquid staking initiatives were primary contributors to this increase in TVL.
Key Networks Driving DeFi Growth
Among the top ten blockchains ranked by TVL, Solana, Base, Sui, and Aptos experienced the most substantial percentage increases as the third quarter concluded.
Solana’s Growth Fueled by Liquid Staking
In September, Solana’s DeFi landscape witnessed a remarkable 17.9% increase in TVL, crossing the $10 billion threshold by September 25, after remaining below this figure for approximately 30 days. This surge was primarily driven by liquid staking protocols and DEXs.
- **Raydium** experienced the most significant monthly growth among Solana’s top decentralized applications (dApps) with a TVL rise of 42%, reaching $1.2 billion.
- **Jupiter** also saw a 20% increase in TVL, climbing to $1.2 billion and solidifying its position as the third largest DEX based on locked value.
In terms of liquid staking developments, **Sanctum** reported a 31% rise in TVL. This growth was largely attributed to the introduction of liquid staking tokens (LST) from centralized exchanges, including Binance Staked SOL and Bybit Staked SOL, which collectively added about $115 million to Solana’s liquid staking portfolio.
Additionally, both **Jito** and **Marinade** recorded significant growth, with their TVL increasing by 12.4% and 17.1% respectively in the past month.
Base Achieves $2 Billion Milestone
The Ethereum layer-2 solution, Base, exhibited remarkable growth this year, achieving a 420% increase in TVL year-to-date. September marked a continuation of this trend, with a noteworthy 51% surge in TVL, crossing the $2 billion milestone for the first time.
Similar to Solana, the bolstering of TVL can be traced back to the influx of user funds locked within DEXs, supplemented by contributions from DeFi money market and yield farming protocols.
- **Aerodrome**, the leading dApp on Base, achieved a TVL surpassing $1.1 billion after a staggering monthly growth of 95.6%.
- **Aave**, a money market protocol, also witnessed a significant TVL increase of 43.3%, and **Moonwell** experienced a 47% growth during the month.
- **Extra Finance**, a leveraged yield protocol on Base, recorded a notable 40% rise in TVL as well.
Sui and Aptos on the Rise
The Move-based blockchain **Sui** demonstrated the highest percentage increase among the ten largest blockchains in terms of TVL last month, exceeding the $1 billion threshold with an impressive 83% growth.
**Aptos**, another blockchain utilizing the Move programming language, also experienced significant growth, nearing a TVL of $934 million, after a robust monthly increase of 36.6%.
Both networks benefited from increased activity in DEXs and liquid staking protocols, with their top services showcasing considerable elevations in TVL.