DeFi Applications Reach New Monthly High Since February 2022

According to Odaily, a report from DappRadar reveals that the total value locked (TVL) in decentralized finance (DeFi) applications increased by 17% in May, reaching $192 billion. This marks a new monthly high since February 2022. The growth is primarily driven by the rise in Ethereum (ETH) and increased trading activity.

Despite the rise in TVL, the number of unique active wallets (UAW) in DeFi decreased by 21%, down to 1.75 million. Ethereum accounted for 68% of the overall DeFi TVL, amounting to $130 billion. Solana's TVL ranked second with $10.9 billion, accounting for 5.7%, and saw a month-on-month increase of 14%.

The report suggests that the increase in TVL is mainly due to short-term speculation triggered by the popularity surrounding Ethereum ETFs.