- Ethereum, Tron, BNB, Arbitrum, and Polygon are ranked as the top 5 most prominent blockchains in terms of TVL.
- Ethereum occupied the number 1 spot despite its TVL suffering a more than 2% drop over the past day.
- In related news, Tron claimed a spot on the top 10 biggest cryptocurrencies list.
Data from the crypto market tracking website, CoinMarketCap, revealed the top 5 most prominent blockchains by Total Value Locked (TVL). The blockchains included on the list were Ethereum (ETH), Tron (TRX), Binance Coin (BNB), Arbitrum (ARB), and Polygon (MATIC).
TVL is used as a metric to measure the total value of digital assets that are locked or staked in a particular decentralized finance (DeFi) platform or decentralized application (DApp). Many believe the higher the TVL of the blockchain, the more trustworthy the blockchain is perceived to be.
Ethereum claimed the top spot on the list of the biggest blockchains by TVL, despite its TVL experiencing a more than 2% drop over the past day. In addition, Ethereum’s TVL was down by more than 5% over the past month. CoinMarketCap also indicated that the number of protocols on the Ethereum blockchain stood at 849 at press time.
Tron was the blockchain that occupied the second position on the list after its TVL took a 3.72% knock over the past 24 hours. The blockchain’s TVL was also down 6.58% and 4.27%, respectively, over the past week and month.
Despite this, TRX was able to claim a spot as one of the top 10 biggest cryptocurrencies in terms of market capitalization. At press time, TRX was trading hands at $0.07088 after a 2.11% drop in its price throughout the past day. Its market cap of more than $6 billion ranked it as the 9th biggest crypto.
Occupying the third position on the list was BNB. As was the case with most blockchains over the past 24 hours, BNB also suffered a more than 3% decline in its TVL. In addition to this, BNB’s TVL was down by almost 30% over the past thirty days, leaving it standing at $3.87 billion.
Arbitrum and Polygon occupied the 4th and 5th positions, respectively, after both blockchains’ TVLs saw more than 2% decreases over the last day of trading. At press time, the TVLs of Arbitrum and Polygon stood at $1.09 billion and $910.83 million, respectively.
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