Layer-1 blockchain Berachain has witnessed its total value locked (TVL) shoot up to $3.2 billion, moving it to the sixth spot among DeFi networks. This remarkable feat has enabled Berachain to outpace prominent competitors Arbitrum and Base, solidifying its position as a rising force in the DeFi landscape.
Berachain’s TVL Milestone
This increase in TVL shows how much Berachain has grown in popularity and liquidity. As of February 24, the network’s TVL stands at $3.2 billion, which accounts for 2.98% of the total value locked across the entire DeFi market. The network’s native token, BERA, is currently valued at $6.75, with a market capitalization of $715 million and a fully diluted valuation of $3.3 billion.
Leading the network is the liquid staking protocol Infrared Finance, which boasts a TVL of $1.52 billion, followed by the decentralized exchange (DEX) Kodiak with $1.12 billion, and the yield farming protocol Concrete, which holds nearly $800 million.
TVL serves as an important metric that often affects the overall value of DeFi projects, as it represents the total value of crypto assets locked in a smart contract. When the TVL of a network increases, it is usually followed by an expansion of liquidity, popularity, and usability.
Berachain’s Growing DeFi Market Share
Berachain’s impressive TVL growth has significant implications for the DeFi landscape. Ethereum remains the dominant force in DeFi, with a TVL of $58 billion, representing 53.4% of the total DeFi market. Solana ranks second with $8 billion in locked assets, holding a 7.45% market share.
Vance Spencer, the co-founder of Framework Ventures, which co-led a $100 million Series B round for Berachain, recently expressed optimism about the blockchain’s potential. He stated that the network’s token could be the next major Ether competitor.
Meanwhile, Solana has maintained its second position in the ranking, boasting an estimated $8.408 billion TVL. The blockchain remains technically stable amid price drops, driven by traders shorting the asset as a result of concerns related to its association with fraudulent projects.
