In April, the DeFi industry showed relatively stable performance, with a slight decrease of 0.7% in Total Value Locked (TVL). Among the top ten blockchain projects by market capitalization, Merlin Chain, a second-layer solution based on native Bitcoin, demonstrated the fastest growth momentum, with a monthly growth rate of up to 1000% and a TVL exceeding $1 billion. Pendle and Hyperliquid are well-known participants in various protocols; Pendle’s TVL reached $5 billion with a cumulative trading volume of over $15 billion, while Hyperliquid’s TVL surpassed $435 million, surpassing Aptos, Near, and Cardano.
