Non-EVM Blockchains Rise in DeFi, Solana Holds 48% of TVL

• Non-EVM blockchain protocols are becoming more popular in the blockchain space.
• Solana is the dominant non-EVM blockchain currently existing.
• Developers opt for non-EVM blockchains to avoid the high cost associated with the EVM.

There has been a noticeable rise in blockchain applications that do not follow the Ethereum Virtual Machine (EVM) standard. These decentralized applications (DApps) leverage the unique features of non-EVM blockchains to achieve their goals.

Data from DeFiLlama, a dashboard that tracks decentralized finance (DeFi) solutions, reveals that Solana holds over 48% of the total value locked (TVL) in non-EVM blockchains. Other blockchain protocols like Sui, Aptos, Cardano, and Near Protocol, which don’t rely on Ethereum’s EVM, are also seeing strong growth in the number of DApps built on their platforms.

What are Non-EVM Blockchains?

For context, non-EVM blockchains are decentralized solutions that operate independently of the technical standards set by the EVM. These blockchains are not built on Ethereum and run on alternative platforms that many see as competitors to Ethereum.

Many blockchain analysts believe t…

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