According to DappRadar, the total locked-in value (TVL) in decentralized finance (DeFi) applications reached $192 billion in May, the highest since February 2022. The growth was mainly driven by the appreciation of ETH and increased trading activity. However, despite the rise in TVL, the number of independent active wallets (UAW) in DeFi declined by 21% to 1.75 million. Ethereum accounted for 68% of TVL in the DeFi market at $130 billion. Solana came in second with $10.90 billion at 5.7%. DappRadar said the increase in TVL was mainly due to short-term speculation in Ethereum exchange-traded funds (ETFs).