Report: Layer-1 Blockchains Ten Times Higher in TVL Than L2s

The total value locked (TVL) across the ten largest Layer-1 blockchains is 9.6 times higher than the TVL of L2-protocols, according to CoinGecko’s report.

The largest platform remains Ethereum, its TVL stands at $23 billion. Next, by a wide margin, are Tron ($7.9 billion), BNB Chain ($2.8 billion) and Polygon ($780 million).

Total TVL across the ten largest L1 networks in April peaked at $45.3 billion, but by October had fallen to $36.5 billion.

Six of the ten blockchains in the list operate on a Proof-of-Stake consensus; the leading cryptocurrency’s protocol is the only top-tier one that uses Proof-of-Work.

“Although Bitcoin is the first blockchain, it ranks eighth in TVL. This is due to its nature and primary purpose—to be a store of value as digital gold, rather than DeFi,” the experts explained.

Ethereum remains the leader with a 63.1% share of locked assets. According to analysts, the growth was driven by the DeFi sector at the forefront with MakerDAO, Curve and Aave, which at its peak accounted for 54.9% or $17.2 billion of TVL.

Since the start of the year, Tron’s share rose from $4.1 billion (12.3%) to $7.9 billion (21.6%). The TVL growth of the chain exceeded 90%. Most funds are concentrated in the JustLend and JustStables protocols.

Solana has become the fastest-growing Layer-1 blockchain, with its TVL rising by 97.2% or $204.5 million since January. The largest protocol in the ecosystem is Solend ($65.5 million), followed by MarginFi ($65.5 million).

The SOL token price rose by 20% on the eve after ARK Invest’s Cathie Wood praised the network’s performance.

Newcomers Aptos, Sui, Pulsechain, Tenet, Sei and Celestia lag significantly behind the leading platforms. This suggests liquidity remains concentrated primarily in the “established” blockchains.

Total TVL for Aptos, Sui, Tenet, Sei and Pulsechain amounts to $346.8 million, with more than half ($186.8 million) attributed to the last project.

CoinGecko previously noted the ongoing positive momentum in October. On average, the “Uptober” effect for total digital asset market capitalization stands at 14%, the experts noted.

The firm’s researchers also compiled a ranking of miners by Bitcoin holdings. Marathon Digital leads with 13,726 BTC in reserve, followed by Hut 8 Mining.