PulseChain Surpasses $403 Million TVL, Ranks 11th in DeFi
PulseChain, an Ethereum fork, has achieved a Total Value Locked (TVL) of $403 million, making it the 11th largest chain in terms of TVL, according to DefiLlama. With 34 protocols on its platform, PulseChain has seen a 110% increase in TVL over the past week.
PulseX Leads the Way on PulseChain
The largest protocol on PulseChain is PulseX, a decentralized exchange (DEX) that contributes $234.45 million to the chain’s TVL. However, as an Ethereum competitor designed to solve scalability issues, it still lags behind.
PulseChain Represents 0.71% of Total TVL
While Ethereum dominates the market with over 57% of total dollars locked, PulseChain currently accounts for only 0.71%. Nevertheless, its recent surge in TVL is notable and began after January 8 when it was just over $128 million.
Controversies Surrounding PulseChain
Richard Heart, founder of HEX and developer of PulseChain and PulseX, advocates for integrating major stablecoins like DAI, USDC, and USDT directly on PulseChain to enhance security and reduce costs. Despite controversies surrounding Heart and his projects, including legal issues and misrepresentation claims, PulseChain has gained over 700,000 active wallets and boasts strong uptime, low transaction costs, a growing developer community, and a large number of validators.
The Rise of PulseChain: A Hot Take
PulseChain’s rapid growth in TVL positions it as a significant player in the DeFi space. With its increasing number of active wallets, strong community support, and the potential integration of major stablecoins, PulseChain has the potential to challenge Ethereum’s dominance in the market. However, it remains to be seen how it will navigate past controversies and regulatory hurdles to establish itself as a long-term competitor.
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