Blockchain

The TVL of Huobi Ecochain soared to $2.7b, but two DApps accounted for 86% of the locked assets

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Although the Huobi Ecochain has attracted an impressive total value lock (TVL) since its launch in December last year, only two DApps accounted for 86% of the blockchain’s total value lock (TVL).

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

Mdex is Heco’s competitor, PancakeSwap. PancakeSwap is an automated market maker that provides users with high-yield agricultural rewards. At the beginning of April, Mdex is also launched on BSC Access to a wider range of tokens not supported by Heco Chain.

The revenue aggregator Filda is the second largest DApp on Heco. The TVL represented by Filda is close to 400 million U.S. dollars, accounting for 13% of the total value of the Huobi ecological chain. Therefore, all other DApps share the remaining 16% or approximately $300 million in assets locked in Heco.

Huobi’s Ethereum Virtual Machine (EVM) compatible public chain was launched in December 2020 to compete with EVM interoperable chains in emerging industries.

Despite the concentration of capital, Heco has now significantly defeated many competitors through TVL, including the performance-centric Solana blockchain valued at US$362 million. The total TVL value of the blockchain is locked at US$362 million. Solana ProjectAnd Avalanche’s locked in $225 million mark Explorer.

according to Heco chain statistics, The number of unique addresses interacting with the chain has soared by 390% in the past three months, reaching a record 12 million. Heco also reported a daily transaction volume of 1.67 million.

In April, Heco joked that it had received 213 applications for DApps that it wanted to launch on the blockchain.

Heco has a long way to go before challenging its main competitor Binance Smart Chain. Has a TVL of US$20.6 billion according to BSC project ——More than seven and a half times that of Heco Chain. BSC’s top project is PancakeSwap, which has locked in $7.8 billion, accounting for 38% of BSC’s total TVL1.

Binance Smart Chain also hosts 1 million transactions every day. BSC scan.