- The Binance Smart Chain continues to grow at a rapid pace
- $44.250 Billion is currently locked on the blockchain through various DeFi protocols
- A total of 25.118 million Binance Coin (BNB) is currently locked on BSC
- Such metrics are impressive given that the Binance Smart Chain was launched in September 2020
- Binance Smart Chain could catch up to Ethereum which has $67 Billion in total value locked
The amount of digital assets locked on the various DeFi protocols on the Binance Smart Chain (BSC) has hit a staggering $44.250 Billion. In addition, a total of 25.118 million Binance Coin (BNB) worth $15.573 Billion is currently locked on BSC. The remarkable growth of the Binance Smart Chain has been visualized by the team at DeFiStation.io as seen in the following screenshot.
Binance Smart Chain Might Soon Ecplise Ethereum in Total Value Locked
To note is that the Binance Smart Chain is less than a year old having being launched in September of last year. From the chart above, it can be observed that the Binance Smart Chain had $1.13 Billion in total value locked (TVL) at the beginning of February.
Doing the math, the TVL on the Binance Smart Chain has grown by a factor of 39.16x in a span of 3 months and increasing by roughly $15 Billion every month. Such a trajectory in terms of growth means that the Binance Smart Chain could eclipse Ethereum within a few months, in terms of total value locked.
At the time of writing and according to DeFiPulse, a total of $67 Billion is currently locked on Ethereum.
PancakeSwap Dominantes with a Total Value Locked of $10.29 Billion
Of the $44.25 Billion in total value locked on the Binance Smart Chain, PancakeSwap takes a quarter of it with $10.79 Billion in digital assets locked on the platform. A breakdown of the top 10 DeFi protocols on the Binance Smart Chain in terms of total value locked can be found below.
- PancakeSwap – $10.29 Billion
- Venus – $9.62 Billion
- PancakeBunny – $7.17 Billion
- Belt Finance – $3.15 Billion
- MDEX – $2.45 Billion
- Ellipses Finance – $2.26 Billion
- AutoFarm – $1.58 Billion
- Value DeFi – $902 Million
- Nerve Finance – $586.54 Million
- Beefy Finance – $472.2 Million