Ethereum among major blockchains, dominating with 92.5% of total TVL

In a Nov. 20 post on X, Coingecko, a leading cryptocurrency data aggregator reports Ethereum, Tron and Binance Smart Chain make up a total of 92.5% of total value locked (TVL) of the top Layer-1 blockchains.

At the same time, L1s are said to only be experiencing modest growth in TVL compared to L2s.

A yearly peak

Data in the report highlights that as of October, Ethereum leads as the foremost L1 blockchain, boasting a TVL, a measurement looking at the total value of digital assets that are locked or staked in a particular defi platform, of $23 billion.

Notably, Ethereum achieved its peak TVL of $31.5 billion in April 2023, shortly following the Ethereum merge on April 12.

In October 2023, Tron (TRX) achieved its yearly peak of $7.9 billion in TVL, making it the second largest L1 blockchain, while Binance Smart Chain (BSC) secured the third position with a TVL of $2.8 billion. Notably, BSC reached its highest TVL of $5.7 billion in February this year. 

Among the top 10 L1 blockchains, six now operate on the Proof-of-Stake (PoS) consensus mechanism, with Bitcoin (BTC) being the sole blockchain using the Proof of Work (PoW) consensus mechanism.

The report goes on to highlight that despite Bitcoin being the first blockchain, it only ranks at number 8 in the top 10 L1 blockchains by the same TVL measurement.

An L2 leader

Comparatively, a post from earlier this month on X identified Arbitrum as the leading Layer 2 solution.

At the time, Arbitrum was said to secure a TVL of $1.79 billion in October, accounting for 41.2% of the market share among the top Layer 2 solutions.