AAVE Tops Arbitrum TVL Charts with $648 Million

Arbitrum, a popular Ethereum Layer 2 scaling solution, currently has around $2.7 billion in assets locked, as reported by DefiLlama. This total value locked (TVL) reflects the significant adoption and growth of decentralized finance (DeFi) protocols on the Arbitrum network. Currently, in terms of TVL, AAVE appears at the forefront as a platform with approximately 648 million USD locked in it.

Following AAVE, GMX Locks $445 Million on Arbitrum

After AAVE comes GMX, a decentralized exchange that focuses on perpetual contracts and spot trading and with $445 million in total value locked. This portrays high activity levels and interaction with GMX’s trading services within the Arbitrum platform.

Another popular decentralized exchange currently in use on Arbitrum is the Uniswap which holds a total value locked of $248M. Uniswap can leverage Arbitrum to improve its liquidity and trading services in the emerging DeFi market.

Pendle raised $223 million thanks to demand for complex DeFi financial instruments. Another example of a lending protocol is Compound (COMP), which currently has $119 million worth of total value locked proving its continued utility to the lending sector.

High TVL Across Arbitrum Protocols Signals Expanding DeFi Potential

Other recognized protocols include Curve DAO (CRV) with $ 95.3 Million, Camelot (GRAIL) with $ 90.5 Million and Renzo (REZ) with $ 88.7 Million. These protocols provide numerous DeFi services including but not limited to stablecoin interchange, yield farming, and liquidity provision. Further, Beefy ($BIFI) possesses $81.5 million, and MGP has $72.2 million locked on Arbitrum.

The high TVL, as per DefiLlama data, across these protocols is evidence of strong and growing DeFi on Arbitrum and indicates the potential of the network to facilitate the variety of financial services and products.