The total value of assets locked on decentralized finance (DeFi) protocols based on Avalanche has reached a 9-month high amid the market rally of the AVAX token.
Interestingly, the increase is coming when the number of locked AVAX tokens has been at its lowest since August 2021. Over the past month, the network users have withdrawn more than 15 million AVAX tokens from protocols on the network despite the increasing dollar value of the assets.
AVAX tokens locked on Avalanche Network (Source: DeFiLlama)
DeFiLlama data shows that Avalanche’s TVL currently sits at around $875 million, representing a 66% increase within the last three months and its highest level since March. This also places the network among the top 10 blockchain networks by TVL.
Avalanche’s thriving ecosystem
As per data from DeFiLlama’s dashboard, Benqi emerges as the leading DeFi protocol on Avalanche. Benqi operates as a non-custodial liquidity market protocol, enabling users to stake and lend their digital ass
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