Top 10 Chains by TVL: SX Rollup, Sonic, Soneium, Morph, Hyperliquid Dominate DeFi Growth

Today data from CryptoRank.io disclosed massive growth in the TVL across multiple blockchain platforms over the past month.

Chains with top TVL growth last month

1. SX Rollup

SX Rollup emerged as the best-performing blockchain with a growth of 9,908% over the past month. This hike in its TVL shows rising activity and interest within the SX network. This suggests high demand for the platform’s offerings and more users using assets within the protocol.

2. Sonic

Sonic blockchain took the second position after its TVL grew by 126% over the last month. This success has been fuelled by increased investors’ interest in the platform, showing huge confidence in the blockchain.

Data shows that Sonic’s TVL reached $1.3 billion. This rise in locked assets suggests increasing trust in the platform. When TVL grows, users believe a network provides robust opportunities. Several blockchains struggle to maintain growth during volatility. This is a different case for Sonic, which has gained interest during market turbulence.

3. Soneium

Soneium, a DeFi platform backed by Sony, is drawing attractive due to impressive growth since its formation. The platform has recorded a significant increase in its   TVL, indicating a rise in user interest and engagement with its advanced features.

According to data by CryptoRank.io, Soneium’s TVL grew by 110% over the last month, currently standing at $58.9 million. This uptrend depicts a rising demand for Soneium’s DeFi services, indicating its importance in the DeFi world.

4. Morph

Morph Labs, a fast-growing lending protocol, secured the fourth position with a growth of 83.7% over the past 30 days, making its TVL currently read at $20.1 million. This demonstrates that Morph is a major competitor in the decentralized lending market.

5. Hyperliquid

Hyperliquid took the fifth spot after recording an increase of 60.3% on its TVL, which currently hovers at $637 million. Hyperliquid’s DeFi trading capabilities are liable for its growth. The network offers advanced offerings like negligible transaction fees, in-depth on-chain market liquidity, and up to 50x leverage on various tokens. This growth highlights the platform’s rising demand and the confidence users have in its abilities.

Others

Other platforms that saw incredible growth in their TVL over the past month include Venom, Abstract, Bifrost Network, opBNB, and BOB.

Venom witnessed a significant rise of 58.3% over the past 30 days, placing its TVL at $41.3 million. This uptrend shows a rising interest and investment in the platform, showcasing its continued importance in the digital asset landscape.

Next is Abstract, which experienced a substantial boost in its TVL, with a surge of 54.3%. This upsurge signals that Abstract is gaining popularity among users and investors, leading to the expansion of its ecosystem.

Lastly, Bifrost Network, opBNB, and BOB also gained visibility with 22%, 17.4%, and 7.7% growth in their TVL respectively over the past month.