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TVL on IoTex increases 15-fold since early 2022

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Now ranked 22 on DeFi Llama, the total value locked-down (TVL) of IoTeX by users has nearly quadrupled since the beginning of this year, reflecting the significant interest and confidence crypto holders have in the leading multi-chain platform. . At the beginning of the year, the TVL on the IoTeX network was approximately $22 million. Today, the number has skyrocketed to over $300 million. TVL growth has seen IoTeX quickly climb through the ranks to number 22, according to DeFi Llama. IoTeX now tops Mixin, Kusama, Fusion, Neo, Nervos, Gnosis, Theta, Tezos, Cardano, EOS, Wanchain, and 57 more, as DeFi Llama lists 79 projects. “DeFi activity on IoTeX is growing very fast. Much of the growth comes from our easy-to-use infrastructure and blazing-fast blockchain, as well as new communities interested in our GameFi and MachineFi ecosystem projects,” said Larry Pang, IoTeX Head of Business Development. “People are increasingly relying on IoTeX to manage large amounts of value.” Pang said that one “reason why people can bring their tokens to IoTeX is that on our platform, transaction fees are a fraction of a cent and transaction speeds are up to seconds, while on Ethereum, for example, it takes up to five minutes.” IoTube is the cross-chain that seamlessly bridges tokens from Ethereum, Binance Smart Chain, and Polygon to IoTeX, explained Pang. “With the growing number of DeFi apps on IoTeX, such as FilDA, Minmax, Mimo and Xdollar, the decentralized financial community now see IoTeX as a promising option to manage their funds,” said Pang. He said the combined TVL and deployed IOTX tokens on the IoTeX platform are equivalent to more than $500 million. the top three DeFi projects contributing to the TVL FilDA, IoTube and Mimo ($27 million).Ethereum still largely dominates the TVL across all chains with 60% of the total value of $119 billion, and the total value on all chains is about $195 billion TVL Briefly Explained Total Value Locked (TVL) is the most popular metric for DeFi and represents the total number of digital assets “locked” in DeFi applications smart contracts.Locked in TVL means that assets are not necessarily committed for a period of time, but are secured in smart contacts of the DeFi application. The TVL metric is vital in determining how much capital is being used in the DeFi ecosystem. It has become an important metric for measuring interest in the cryptocurrency industry. In an educational piece on TVL and DeFi, Coindesk said, “Investors can look to TVL if they want to know if a DeFi project’s native token is valued appropriately. Token’s market cap can be low or high related to TVL of the project, the more extreme the relationship, the more undervalued or overvalued the token can appear.” In early January 2022, Cointelegraph wrote an article predicting that DeFi’s TVL is on “the brink of a new ATH (all-time high)”. “In early 2022, the DeFi sector of the crypto industry appears to be developing as opposed to early 2021,” the news outlet said, demonstrating momentum in the DeFi space. CoinTelegraph cited data from Dune Analytics showing that the number of unique DeFi users has continued to grow and currently stands at an all-time high of over 4.3 million unique wallets.
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