Huobi Eco Chain’s TVL surges to $2.7b, but two DApps represent 86% of locked assets

0
49

The decentralized exchange Mdex and yield aggregator Filda represent roughly $2.4 billion of Heco’s $2.7 billion TVL combined.

Despite Huobi Eco Chain attracting an impressive total value locked (TVL) since launching in December, just two DApps represent 86% of the blockchain’s TVL.

According to crypto data aggregator, CryptoRank, approximately $1.98 billion or 73% of Heco’s TVL is locked in the Mdex decentralized exchange.

Mdex is Heco’s rival to PancakeSwap, an automated market maker offering yield farming incentives to users. In early April, bit-cointalk.com/press-releases/dex-leader-mdex-integrates-binance-smart-chain”>Mdex also launched on BSC to gain access to a wider range of tokens not supported on Heco Chain.

Yield aggregator Filda is the second-largest DApp on Heco, with Filda representing a TVL of almost $400 million or 13% of Huobi Eco Chain’s combined value locked. As such, all other DApps share the remaining 16% or roughly $300 million in assets locked in Heco.

Huobi’s Ethereum Virtual Machine (EVM)-compatible public chain was rolled out in December 2020 to compete with among the emerging sector EVM-interoperable chains.

In spite of the capital centralization, Heco is now significantly beating out many of its rivals by TVL, including the $362 million TVL of performance-focused Solana blockchain has a total value locked of $362 million according to SolanaProject, and Avalanche’s has $225 million locked according to the Markr explorer.

According to Heco Chain stats, the number of unique addresses interacting with the chain has surged 390% over the past three months to tag a record 12 million. Heco also reports a daily transaction count of 1.67 million.

In April, Heco teased that it had received applications from 213 DApps hoping to launch on the blockchain.

Heco is also a long way from challenging its principal rival, Binance Smart Chain, which bit-cointalk.com/news/defi-hacks-on-binance-smart-chain-rise-as-tvl-and-volumes-increase”>boasts a TVL of $20.6 billion according to BSCProject — more than seven and a half times that of Heco Chain. The top BSC project is PancakeSwap with $7.8 billion locked or 38% of BSC’s combined TVLl.

Binance Smart Chain also hosts.1 million transactions daily according to BSCscan.