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Avalanche (AVAX) Surpasses Solana (SOL) and Tron (TRX) in Total Value Locked (TVL) in January 2022

3 mins
Updated by Ryan James

In Brief

  • Avalanche TVL has now surpassed Solana following impressive project onboarding.
  • Tron has seen a slow increase in TVL, but Avalanche and Solana’s TVL continue to increase at a rapid rate.
  • Avalanche current has 11.55% less TVL than Binance Smart Chain.
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Increased popularity in Avalanche (AVAX), has seen it surpass both Solana (SOL) and Tron (TRX) in total value locked for January 2022. 

Avalanche (AVAX) saw its Total Value Locked (TVL) beat out other major competitors in January. The AVAX blockchain managed to end January with $8.53 billion in TVL, according to BeInCrypto Research. 

Source: DefiLlama

While AVAX saw a dramatic 27% decrease in TVL, down from $11.83 billion in December 2021, the project still managed to hold the lion’s share against both SOL and TRX.  

AVAX popularity surges in 2021

AVAX witnessed impressive growth in 2021 as the project started off the previous year ranked 70 in the top 100 cryptocurrencies. The project held a meager $194 million in TVL at the end of the first quarter of 2021. 

However, by the end of January 2022, AVAX had solidified itself well within the top 20 cryptocurrencies, beating out TRX and just trailing SOL. More impressive is that TVL in AVAX climbed 4,295% to the previously mentioned $8.53 billion. 

Most of the project’s success stems from a rapidly growing Avalanche ecosystem. AVAX has seen over 428 projects launched from August 2020, until February 2022. 15 of those projects launched in January 2022 alone. 

Source: Avax-Projects

Some of the projects that contributed to the TVL on AVAX include Platypus Finance (PTP), with over $700 million. Wonderland (TIME) with roughly $400 million, and SushiSwap (SUSHI) with $213 million.

Four projects currently hold over $1 billion in TVL at the time of writing. Those projects are AAVE, with $3.1 billion, Trader Joe (JOE) with $1.41 billion, Curve (CRV) with $1.23 billion, and Benqi (QI) with $1.11 billion. These four projects equate to roughly 80% of the TVL on AVAX. 

Source: DefiLlama

Total Value Locked in Avalanche remains strong in February 2022. Currently, TVL stands at $10.54 billion. Another 17 projects have also launched on its ecosystem in the month of February. 

Furthermore, Avalanche currently ranks in the top 60 projects when considering development activity. The increase in projects and development activity could potentially lead to more TVL in 2022. 

Source: Santiment

Solana falls behind Avalanche in TVL 

Top ten project, Solana (SOL) might be ranked higher than AVAX in terms of market capitalization. However, its current TVL has slipped behind AVAX in 2022. The end of January 2022 saw Solana’s TVL hit $7.98 billion. Solana’s TVL also saw a decline in January 2022 as the market saw an overall dip in prices. Solana slipped 28% between December 2021 and the end of January 2022. 

Source: DefiLlama

Solana also enjoyed a fruitful 2021. The project gained 3,703% in TVL from the first quarter of 2021. Climbing from only $209 million in TVL. While Solana currently has no projects with over $1 billion in TVL, Serum (SRM) currently has the most TVL, with $758M. Quarry comes in second with $675 million, and Raydium (RAY) comes in third with $657 million in TVL at the time of writing. 

Source: DefiLlama

Tron lags behind 

Tron’s Total Value Locked recorded on the last day of January 2022 stood at $3,870,000,000 ($3.87 billion), according to BeInCrypto Research. 

Source: DefiLlama

Similarly to Solana and Avalanche, Tron also saw a decrease in total value locked between December 2021 and January 2022. However, over the past year, Tron only saw a 62% increase in TVL. Climbing from $2.28 billion in 2021 to $5.25 billion by the end of January 2022. 

Currently, Tron only has a handful of projects. The biggest DAPP, currently, is JustLend (JST) which occupied approximately 43.92% of the TVL on the Tron network. (SUN) appears to be a major loser after it lost 62% of its TVL over the past month. SUN opened January 2022 with a $617 million in TVL, but closed the month with a new TVL of $248 million.

Source: DefiLlama

Tron continues to see impressive development activity, which means Justin and his team of developers are improving the ecosystem. However, other projects seem to be clearly outpacing Tron in terms of projects being onboarded.

Source: Santiment

Following the launch of Avalanche and Solana in 2020, both projects have seen an incredible uptick in project onboarding. The popularity of decentralized applications and protocols (DAPPs) during the recent bull run can be key attributes to why the projects have both grown to become huge players in the space. 

At the time of writing, Tron’s TVL sits at 4.25 billion. Solana’s TVL sits at $7.19 billion, and Avalanche’s impressive rise in 2021 sees it currently at $10.57 billion TVL. Just 11.55% behind Binance Smart Chain, which currently has $11.95 TVL. 

Analysis provided by Raphael Minter at BeInCrypto Research


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.