Despite Huobi Eco Chain attracting an impressive total value locked (TVL) since launching in December, just two DApps represent 86% of the blockchain’s TVL.
According to crypto data aggregator, CryptoRank, approximately $1.98 billion or 73% of Heco’s TVL is locked in the Mdex decentralized exchange.
Mdex is Heco’s rival to PancakeSwap, an automated market maker offering yield farming incentives to users. In early April, Mdex also launched on BSC to gain access to a wider range of tokens not supported on Heco Chain.
Yield aggregator Filda is the second-largest DApp on Heco, with Filda representing a TVL of almost $400 million or 13% of Huobi Eco Chain’s combined value locked. As such, all other DApps share the remaining 16% or roughly $300 million in assets locked in Heco.
Top Projects by TVL on Huobi Eco Chain
— CryptoRank Platform (@CryptoRank_io) June 7, 2021
Huobi’s Ethereum Virtual Machine (EVM)-compatible public chain was rolled out in December 2020 to compete with among the emerging sector EVM-interoperable chains.
In spite of the capital centralization, Heco is now significantly beating out many of its rivals by TVL, including the $362 million TVL of performance-focused Solana blockchain has a total value locked of $362 million according to SolanaProject, and Avalanche’s has $225 million locked according to the Markr explorer.
According to Heco Chain stats, the number of unique addresses interacting with the chain has surged 390% over the past three months to tag a record 12 million. Heco also reports a daily transaction count of 1.67 million.
In April, Heco teased that it had received applications from 213 DApps hoping to launch on the blockchain.
Heco is also a long way from challenging its principal rival, Binance Smart Chain, which boasts a TVL of $20.6 billion according to BSCProject — more than seven and a half times that of Heco Chain. The top BSC project is PancakeSwap with $7.8 billion locked or 38% of BSC’s combined TVLl.
Binance Smart Chain also hosts.1 million transactions daily according to BSCscan.