Hype cycles can work wonders for token prices and social media statistics, but they also bring increased pressure on developers to launch a functioning product that validates its rising market cap.
As nonfungible tokens took center stage over the past six weeks the decentralized finance (DeFi) sector took a break from the spotlight as developers refined their protocols and sought out interoperable, Ethereum network alternatives.
Data from CoinGecko shows that the total value locked (TVL) on all DeFi platforms has steadily grown since the market pullback at the end of February, with the TVL for the entire DeFi sector now standing at a record-high of $74 billion.
A closer look at the list of protocols shows that some of the biggest gains over the past seven days were on protocols operating on the Binance Smart Chain (BSC). BSC has emerged as one of the go-to competitors for the Ethereum (ETH) network thanks to low fees, cross-chain capabilities, and connections to the