CandleFocus Non-EVM Blockchains Rise in DeFi, Solana Holds 48% of TVL
2024-10-11
Author: Content Editor
The article discusses the rise of blockchain applications that do not follow the Ethereum Virtual Machine (EVM) standard. These decentralized applications (DApps) are being built on non-EVM blockchains such as Solana, Sui, Aptos, Cardano, and Near Protocol, which offer unique features and benefits compared to Ethereum. Data from DeFiLlama shows that Solana currently holds over 48% of the total value locked in non-EVM blockchains. Many developers are choosing non-EVM blockchains to avoid the high costs and network congestion associated with Ethereum. Non-EVM blockchains are focused on optimizing performance, scalability, speed, and lower fees. Despite the growth of non-EVM blockchains, the EVM remains the leading platform due to its first-mover advantage and seamless interaction with other blockchain solutions. However, the rise of non-EVM blockchain protocols offers valuable alternatives for DApp developers and challenges the dominance of the EVM, making the blockchain space more competitive.
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