Top 10 DeFi Projects by Monthly TVL Growth: BUIDL, Sonic, Level Finance, & Euler Lead

TVL is a crucial indicator for gauging the growth of protocols in the DeFi landscape. Over the past month, several protocols displayed substantial TVL growth, capturing the interest of investors and enthusiasts. Today, data shared by Phoenix Group highlighted the top 15 projects by monthly TVL growth.

Top 15 DeFi projects by TVL growth

BUIDL

BUIDL emerged as the top crypto project that recorded the biggest growth in TVL in the past 30 days. BUIDL is a tokenized money market fund powered by BlackRock that runs on top of the Ethereum blockchain. Over the past month, BUIDL recorded a massive 219% growth in TVL, currently placing the total TVL at $1.8 billion. The value of the tokenized fund has grown by three times over the past three weeks, rising from $615 million to $1.87 billion, amid a surging need for safe-haven crypto assets.

Sonic (S)

Sonic took the second position after experiencing a TVL growth by 171% over the past month. This surge is testimony of the platform’s rising influence and the trust it has gained among crypto users. The L1 blockchain has been witnessing growing investor interest since its rebranding from Fantom to its present name “Sonic.”

Level Finance (LVL)

Level Finance, a DEX perpetual trading marketplace that runs on top of BNB Chain, followed with an increase of TVL by 123%. This incredible growth is due to its unique offerings, including staking services, trading commodities, forex, and crypto with up to 100x leverage using cross-margin, and others. While its native token, LVL, is an integral part of its ecosystem, its global trading platform is gaining traction due to lucrative rewards in the network.

Euler (EUL)

Euler took fourth place with a TVL growth of 105%. The rise is reflected in EUL’s price momentum. Its value has been up 9.3% and 21.45% over the past week and one month ago, respectively, reflecting growing user interest and confidence in the platform.

Sky (SKY)

SKY took fifth place with a TVL growth of 55.6% recorded over the said period, currently putting its total TVL at $7.2 billion. This aligns with the demand for the MakerDAO platform and its native token, SKY, among digital asset enthusiasts and investors. The company’s recent rebranding from Maker (MKR) to Sky (SKY) has demonstrated its effectiveness in attracting adoption in crypto users.

Others

Other DeFi projects that also drew in remarkable TVL over the past month include DEEP, IDLE, BEETS, ORDER, PELL, MINT, MPL, EQB, BLUE, and QUICK.

DeepBook (DEEP) took position six with a 53.8% growth in TVL. It was followed by Idle Finance (IDLE), which saw a 51.9% rise in TVL over the period. Beethoven X (BEETS) settled on position eight with a 47.9% surge in TVL.

Next is Orderly Network (ORDER), which experienced a 44.5% growth rate. Pell Network Token (PELL) took position ten with a 40.1% rise in TVL. Other projects also mentioned in the Phoenix Group’s data (as highlighted above) include Mint Blockchain (MINT), Maple (MPL), Equilibria Finance (EQB), Blue (BLUE), and Quickswap (QUICK).