DeFi boom ensues as Terra crosses $21B in TVL, second only to Ethereum, Avalanche at $12B
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ambcrypto.comThe rising cost of using the Ethereum network triggered by network congestion has been a cause of frustration to many cryptocurrency enthusiasts, especially those wanting to explore the DeFi and NFT sectors. Many competing Layer-1 blockchains seized this opportunity to overtake Ethereum’s market share, with varying degrees of success.
A worthy mention among them belongs to the Avalanche network, whose exponential growth over the past few months has been exceptional even for the L1 market. The protocol has seen the highest daily transaction and active wallet growth among L1s over the past 60 days alone.
In terms of total value locked, the network stands second only to Terra, at over $12 billion.
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