CoinGecko has released their Quarterly Cryptocurrency Report for the Q1, and the report shows that Binance Smart Chain, Decentralized Finance, and BNB specifically absolutely crushed it. The growth in DeFi applications such as NFT’s, yield farms, decentralized exchanges, and others, has pushed the TVL (total value locked) of BSC DeFi to over $35 billion today.
As you can see, in 3 month’s time, Binance Smart Chain was able to grow their DeFi dominance from 3%, to 27%. In that same timespan, Ethereum dropped from 97%, down to 73%. This is likely driven by the faster and cheaper transactions on BSC, something that greatly improves Decentralized Finance.
BNB Outperforms All Other Crypto Assets in Q1
The first quarter of the year brought a lot of token price appreciation to many different cryptocurrencies such as; ADA, BTC, ETH, and DOT, however, none gained as much as BNB. In Q1, BNB gained 710%, much higher than the project with the next highest appreciation, ADA at 555%.
Decentralized Finance Continues to Grow
Binance Smart Chain made the barrier to entry much lower for users to try out DeFi platforms, and partially because of that, the amount of money invested along with the amount of unique users has grown at an extremely impressive rate.
CoinGecko puts these PDF reports out each quarter to give investors an idea of the state of the industry at the moment. If you’d like to take a look at the full report, you can find it by going to their website at; CoinGecko Q1 Report.
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