DeFi TVL Soars 10% in September, Hits $133 Billion, Led by Move-Based Blockchains

The DeFi ecosystem saw a 10% rise in total value locked (TVL) across major networks in September, reaching $133 billion. Growth was driven by decentralized exchanges and liquid staking protocols, with blockchains like Solana, Base, Sui, and Aptos showing the most significant gains.

The decentralized finance (DeFi) ecosystem recorded an impressive surge in total value locked (TVL) in September, with the overall value rising by $12 billion, bringing the total to $133 billion. Data from DefiLlama indicates that this growth was primarily driven by decentralized exchanges (DEX) and liquid staking protocols, marking a 10% increase in TVL.

Among the top 10 blockchains by TVL, Solana, Base, Sui, and Aptos recorded the largest percentage increases, signaling a thriving DeFi ecosystem as the third quarter came to a close.

Solana Surpasses $10 Billion in TVL, Boosted by Liquid Staking

Solana’s DeFi ecosystem posted a strong 17.9% growth in TVL during September, exceeding the $10 billion threshold on September 25. This growth was primarily driven by liquid staking protocols and DEX activity.

Raydium, one of the largest decentralized exchanges on Solana, saw its TVL jump by 42% to $1.2 billion, while Jupiter registered a 20% increase, securing its position as the third-largest DEX on Solana. On the liquid staking side, tokens such as Binance Staked SOL and Bybit Staked SOL contributed $115 million to the sector’s growth, driving up the TVL of protocols like Sanctum, which saw a 31% rise.

Other liquid staking platforms, including Jito and Marinade, also recorded double-digit TVL growth last month, with gains of 12.4% and 17.1%, respectively.

Base Reaches $2 Billion in TVL

Ethereum’s layer-2 blockchain, Base, has been a standout performer, achieving a 420% year-to-date increase in TVL. In September alone, Base saw a 51% rise, surpassing the $2 billion mark for the first time.

DEXs were the primary contributors to Base’s growth, supported by DeFi money markets and yield protocols. Aerodrome emerged as the largest dApp on the network, growing by 95.6% and surpassing $1.1 billion in TVL. Additionally, money market Aave registered a 43.3% increase, while leveraged yield protocol Extra Finance saw a 40% rise in TVL.

Sui and Aptos Lead Move-Based Blockchain Gains

Move-based blockchains Sui and Aptos recorded some of the highest percentage gains in September. Sui, in particular, saw its TVL skyrocket by 83%, surpassing the $1 billion mark for the first time.

Aptos also performed well, growing its TVL by 36.6%, reaching nearly $934 million by the end of the month. Both networks benefited from increased activity on DEXs and liquid staking protocols, further solidifying their positions in the DeFi landscape.

Conclusion

As DeFi ecosystems continue to expand across multiple blockchains, September’s TVL surge highlights the growing importance of decentralized finance within the broader crypto market. With Move-based blockchains like Sui and Aptos leading the way, and major networks like Solana and Base showing impressive gains, the future of DeFi looks promising as we head into the final quarter of 2024.

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