# Bitcoin and Ethereum Surge as DeFi Market Tops $109.5 Billion TVL
As the rally in Bitcoin (BTC) and Ethereum (ETH) continues, the decentralized finance (DeFi) sector has seen significant capital inflows this week, pushing the total value locked (TVL) in DeFi to over $109.5 billion. While chain performance varied, Binance Smart Chain (BSC) and Arbitrum (ARB) showed marked strength in the decentralized exchange (DEX) market.
# TVL Reaches Highest Level Since Late February
According to data from DeFiLlama, as of May 9, the total assets locked in the DeFi market reached $109.5 billion, the highest level since late February when the figure was $111.3 billion. Ethereum continues to lead the market, securing $57.1 billion in TVL across 1,336 protocols, an increase of 14.73% from the previous week and 18.87% month-over-month.
Solana (SOL) holds the second position with a TVL of $8.32 billion, reflecting weekly and monthly increases of 8% and 31%, respectively. Bitcoin (BTC) ranks third with $6.47 billion in TVL, following a 12% weekly surge that brings it close behind Solana. Sui (SUI) also demonstrated substantial growth, with a 12.7% weekly increase and a 72.38% monthly rise, nearing the $2 billion mark. Other major chains reported TVLs as follows: BSC at $6.19 billion, Tron (TRX) at $5.27 billion, and Base at $3.41 billion.
# DEX Volume Booms for BSC and Arbitrum, Falls for Solana
In the DEX market, trading volumes varied significantly among chains. Binance Smart Chain (BSC) saw a 36.78% increase in DEX trading volume from the previous week, reaching $9.1 billion. Arbitrum also experienced a significant uptick, with volumes increasing by 62.64% to surpass $3 billion. Contrarily, Solana, which leads in DEX trading volume, suffered a 13.53% decline, down to $18.5 billion.
Ethereum’s DEX volume remained stable, posting a slight week-over-week increase of 0.13% to $11 billion. In contrast, other chains saw declines: Base fell by 9.32%, Polygon by 9.42%, and Avalanche by a significant 33.92%, with its DEX TVL plummeting to around $200 million.
# Stablecoins at $242.8 Billion, Perpetual Trading Active
The stablecoin market remained steady, with an overall market capitalization totaling $242.8 billion. Perpetual derivative exchanges outperformed spot DEXs, recording a 24-hour trading volume of $16.297 billion.
Experts attribute the recovery in the DeFi market to the rising prices of Bitcoin and Ethereum, which have attracted fresh capital. Additionally, the aggressive growth of Layer-2 and emerging chains like Sui (SUI) and Base (BASE) is noteworthy, with new protocols within their ecosystems heightening market optimism.
