Fresh statistics from market intelligence company DappRadar indicate that the total value locked (TVL) in the decentralized finance (DeFi) sector has surged to its highest level in 15 months.

In a recent blog post, DappRadar highlights that DeFi’s TVL has hit $192 billion, marking a 17% increase from the previous month and reaching its peak since February 2022. TVL represents the capital deposited in a protocol’s smart contracts and is commonly used to assess the vitality of a crypto ecosystem.

The bulk of this growth can be attributed to the rise in token prices, particularly for smart contract platforms like Ethereum (ETH) and Solana (SOL). DappRadar states, “Ethereum dominates the majority of DeFi’s TVL, with its current market share at 68%. Following closely is Solana, which has seen a boost in meme coin trading and DeFi activity on its network. Additionally, the native SOL token has seen an 11% surge over the past month.”

ETH is currently trading at $3,692, while SOL is valued at $158.94. Furthermore, DappRadar mentions that Bitcoin’s layer-2 solution, Merlin Chain (MERL), played a significant role in May, becoming the largest sidechain for the crypto giant, overshadowing the Lightning Network.

DappRadar states, “The enthusiasm for Layer-2 networks remains strong, but Merlin has emerged as the standout performer this month. It has become Bitcoin’s largest sidechain, surpassing the Lightning Network by more than threefold. A significant portion of Merlin’s $1 billion is locked in Solv Finance, a platform that enables users to deposit Wrapped Bitcoin and receive ‘Solv Points’ in return.”

MERL is currently trading at $0.441, representing a 10.10% decrease in the last 24 hours. To stay updated, subscribe for email alerts and follow us on X, Facebook, and Telegram. Don’t miss out on The Daily Hodl Mix for the latest news.

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