Fresh data from DappRadar, a market intelligence firm, shows that the total value locked (TVL) in the decentralized finance (DeFi) sector has surged to its highest level in 15 months.

In a recent blog entry, DappRadar highlights that DeFi’s TVL has hit $192 billion, marking a 17% increase from the previous month and the strongest figure recorded since February 2022. TVL represents the amount of capital stored in a protocol’s smart contracts and is commonly used to assess the well-being of a crypto ecosystem.

The growth was primarily fueled by rising token prices, particularly in smart contract platforms like Ethereum (ETH) and Solana (SOL). “Ethereum commands the lion’s share of DeFi’s TVL, with its dominance currently at 68%. Following closely is Solana, which has seen a boost from memecoin trading and DeFi activities on its network. Additionally, the native SOL token has jumped by 11% in the past 30 days.”

ETH is currently trading at $3,692, while SOL is priced at $158.94. DappRadar also highlights Bitcoin’s layer-2 solution, Merlin Chain (MERL), as a significant contributor in May, surpassing the Lightning Network to become the largest sidechain for the crypto king.

“The Layer-2 networks are gaining traction, but Merlin has emerged as the standout performer this month. It has become Bitcoin’s largest sidechain, exceeding the Lightning Network by more than threefold. Over half of Merlin’s $1 billion is locked in Solv Finance, a platform that enables users to deposit Wrapped Bitcoin and earn ‘Solv Points’ in return.”

MERL is currently trading at $0.441, reflecting a 10.10% decrease in the last 24 hours. Stay updated by subscribing to receive email alerts directly to your inbox and following us on X, Facebook, and Telegram for the latest updates.

Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Investors should conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Please be aware that all transfers and trades are at your own risk, and any losses incurred are solely your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.