Soneium, an Ethereum layer 2 chain, is quickly gaining traction in DeFi following its January launch. DefiLlama data shows that the total value locked (TVL) on Soneium’s two dozen decentralized applications (dapps) crossed $45 million on Monday.
The layer 2 chain is a product of Sony Block Solutions Labs, a joint venture between Sony Group and Web3 infrastructure provider Startale. The network launched in January following several months of successful testing, during which it handled over 15 million active users and 45 million transactions.
On Sunday, Soneium’s newly launched mainnet was used by a record 258,000 wallets, while the transaction count crossed 2 million.
Some of the fastest-growing dapps on Soneium are Kyo Finance, Velodrome, and Sonex – all of them being decentralized exchanges (DEXs).
Kyo is a native DEX with a record $7.7 million in TVL following a 40% increase in the past week alone.
The platform hosts over 180 pools, with ASTR (Astar), Wrapped Ethereum (WETH), SOLVBTC.BBN, and USDC among the most deposited tokens. SOLVBTC.BBN is a yield-bearing token representing staked SolvBTC plus all future Babylon staking rewards and Solv points.
Sonex is another DEX available exclusively on Soneium. The swap platform saw its TVL soar 100% on Monday to $2.4 million.
SOLVBTC.BBN accounts for 40% of TVL, followed by WETH, USDC, SOLVBTC, and ASTR.
Velodrome is also expanding its presence on Soneium, although its TVL across all chains is currently at the lowest level in more than two years, falling on Wednesday below $60 million. TVL on Soneium is at a record $4.5 million following a 120% increase in the past week. Velodrome is currently the second-largest DEX on Soneium after Kyo.
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