X Layer DeFi TVL tops $100 million as stablecoin issuance exceeds $2 billion

Recent integrations of Aave and Uniswap helped drive the Ethereum layer-2 network built by OKX, with DeFiLlama showing $116.27 million in TVL and a $2.07 billion stablecoin supply.

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Summary

X Layer, the Ethereum layer-2 network built by OKX, has pushed its DeFi TVL above $100 million and stablecoin supply above $2 billion after a six-month surge helped by the arrivals of Uniswap and Aave. DeFiLlama showed TVL at $116.27 million, up 5.26% on the day, stablecoin market capitalization at $2.07 billion and weekly DEX volume at $520.65 million, up 25%, while OKX Wallet said cumulative active addresses had topped 4.2 million and transactions exceeded 400 million, putting the chain among the top 10 public blockchains for stablecoins. Aave V3 and Uniswap now account for most of the chain's locked value, and USDG represents 94.11% of stablecoins on X Layer. The activity echoes the recent trading-led lift seen on Robinhood Chain, though fee totals on such networks do not necessarily become protocol revenue because most trading fees go to liquidity providers.

Terms & Concepts
  • TVL: Total value of crypto assets deposited in decentralized finance protocols.
  • layer-2 network: A scaling network built on top of another blockchain to handle transactions more efficiently.
  • DEX volume: The amount traded on decentralized exchanges over a given period.