AAVE Leads Arbitrum's DeFi Adoption Race as GMX, Uniswap, Pendle, and Compound Follow

Arbitrum, a popular Ethereum Layer 2 scaling solution, currently has around $2.7 billion in assets locked, as reported by DefiLlama.

Arbitrum, a popular Ethereum Layer 2 scaling solution, currently has around $2.7 billion in assets locked, as reported by DefiLlama. This total value locked (TVL) reflects the significant adoption and growth of decentralized finance (DeFi) protocols on the Arbitrum network.

Top Arbitrum Protocols by Total Value LockedThe total value of assets locked in @Arbitrum $ARB is around $2.7B, according to @DefiLlama. Let’s compare the top DeFi-protocols on #Arbitrum by current TVL in USD, in order to evaluate their adoption scale. pic.twitter.com/3eamsaQPXs

Now, let’s take a closer look at the top Arbitrum protocols based on their total value locked (TVL) in descending order, as reported by DefiLlama on March 7. This ranking highlights the DeFi protocols that have attracted the most assets on Arbitrum.

1. AAVE Leads Arbitrum Protocol Rankings with $648 Million in Total Value Locked

At the forefront of the Arbitrum protocol rankings is AAVE, a decentralized lending protocol, with approximately 648 million USD locked in it. This signifies the significant adoption and preference for AAVE's lending services among the Arbitrum community.

2. GMX Locks $445 Million on Arbitrum, Showcasing High Trading Activity Levels

Following AAVE, we have GMX, a decentralized exchange that focuses on perpetual contracts and spot trading. With 445 million USD in total value locked, GMX highlights the high activity levels and interaction with its trading services within the Arbitrum platform.

3. Uniswap Leverages Arbitrum to Enhance Liquidity, Ranks Third with $248 Million in TVL

Another popular decentralized exchange currently in use on Arbitrum is Uniswap, which holds a total value locked of $248M. This showcases the integration of Uniswap's decentralized exchange services with Arbitrum to enhance liquidity and trading services in the emerging DeFi market.

4. Pendle Raises $223 Million on Arbitrum as Demand for Complex DeFi Financial Instruments Surges

Highlighting the demand for more advanced DeFi financial instruments, Pendle, which focuses on structured products and tailored yield strategies, ranks fourth with 223 million USD in total value locked, indicating the preference for Pendle's unique DeFi offerings on Arbitrum.

5. Compound Continues to Showcase Strong Demand for Lending Services, Ranks Fifth on Arbitrum with $119 Million in TVL

Another example of a lending protocol is Compound (COMP), which currently has 119 million worth of total value locked, proving its continued utility to the lending sector. This signifies the enduring popularity of Compound's lending services on Arbitrum.

6. Curve DAO (CRV) Expands Stablecoin Liquidity Options, Ranks Sixth on Arbitrum with $95.3 Million in TVL

Further on in the rankings, we have Curve DAO (CRV), which specializes in stablecoin liquidity and low-slippage trades. With 95.3 million USD in total value locked on Arbitrum, Curve DAO highlights the demand for efficient stablecoin trades and liquidity provision.

7. Camelot's GRAIL Token Sees High Demand, Ranks Seventh on Arbitrum with $90.5 Million in TVL

At the seventh position is Camelot, a decentralized derivatives protocol, whose GRAIL token has attracted a significant amount of assets. With 90.5 million USD in total value locked on Arbitrum, Camelot showcases the preference for decentralized derivatives trading.

8. Renzo's REZ Token Shows Promise, Ranks Eighth on Arbitrum with $88.7 Million in TVL

Another protocol in the top ten is Renzo, a decentralized protocol governed by the REZ token. With 88.7 million USD in total value locked on Arbitrum, Renzo highlights the community's interest in decentralized autonomous organizations (DAOs) and governance tokens.

9. Beefy's BIFI Token Garners Attention, Ranks Ninth on Arbitrum with $81.5 Million in TVL

Continuing down the list, we have Beefy, a yield optimizer and decentralized multi-chain yield aggregator. Its BIFI token has attracted a substantial amount of assets, with 81.5 million USD in total value locked on Arbitraum, showcasing the preference for yield optimization strategies.

10. MGP Protocol Rounds Out Top Ten, Ranks Tenth on Arbitrum with $72.2 Million in TVL

Finally, we have the MGP protocol, which is decentralized and community-governed. With 72.2 million USD in total value locked on Arbitrum, MGP highlights the diverse range of DeFi protocols and services available on Arbitrum.This concludes our overview of the top Arbitrum protocols based on their total value locked, as reported by DefiLlama