# Solana and Aptos Shine in DeFi Market Amid Significant TVL Surge
In the week of October 18 to October 25, Solana and Aptos demonstrated robust upward trends in the DeFi (Decentralized Finance) market, capturing significant attention. In contrast, Ethereum Layer 2 solution Scroll experienced a notable decline, underperforming in the same period.
According to DeFi data analytics platform DeFiLlama, the total value locked (TVL) in the DeFi market reached $96.64 billion as of October 25. This represents approximately a 17.04% increase from $82.57 billion recorded a week earlier on October 18.
TVL represents the total amount of assets locked in DeFi services, indicating rising investor interest in the DeFi market. The TVL had dropped to $76.9 billion on October 10, following Bitcoin’s price dip below $60,000, but recovered as the market picked up, boosting DeFi funds incrementally.
# TVL Soars 17% as Market Rebounds; Investor Interest Peaks
The top TVL positions were largely dominated by staking derivative services. Lido, a liquidity staking service, secured the number one spot with approximately $24.6 billion in TVL. Liquidity staking involves receiving ETH (Ethereum) from users, staking it on their behalf, and providing tokens equivalent to the staked Ethereum. Users can then invest those tokens in other DeFi projects to earn additional returns. Aave, a lending service, ranked second with a TVL of $13.59 billion, and EigenLayer took third place with a TVL of $11.36 billion.
# Solana and Aptos Lead the Growth
Analyzing by chain, Solana and Aptos networks exhibited strong growth, propelling the DeFi market forward. On October 25, Solana’s TVL surged 10% on a daily basis and 19.07% on a weekly basis, reaching $8.13 billion. This is in stark contrast to Ethereum’s TVL, which increased by just 1.3% during the same period.
Solana’s growth was driven by a meme coin frenzy, network activation, and increased transaction volume. Additionally, the rise in Solana-based liquid staking services, such as Jito, contributed to the increase in asset deposits.
Similarly, Aptos saw a significant influx of funds into its network, fueled by meme coins and liquidity mining events. Aptos’ TVL expanded by 20.76% over the past week, reaching $864.89 million. The surge is attributed to the emergence of new decentralized applications (dApps) and NFT projects.
# Bitcoin and Polygon on the Rise
Bitcoin-based DeFi activities soared 267% this week, exhibiting strong growth. TVL for Bitcoin DeFi rose to $2.214 billion, showcasing the potential for BTC-Fi growth. Polygon also witnessed a considerable expansion, with TVL increasing by 10.49% to $1.16 billion, maintaining its upward trajectory within the DeFi ecosystem.
# Scroll TVL Plunges 25%; Sui Also Declines
Ethereum Layer 2 Scroll suffered the largest decline this week, with its TVL plummeting 25.54% to $725.97 million. The dip coincided with dissatisfaction among the community regarding the token airdrop distribution process. Meanwhile, Sui also experienced a downturn, with its TVL falling 5.9% to $1.005 billion.
The DeFi TVL had significantly dropped following the Terra incident in May 2022 but has been gradually recovering since October 2023 as the crypto market rebounds. The TVL reached its all-time high of $179 billion in November 2021.
