According to Odaily, Avalanche, a prominent player in the decentralized finance (DeFi) sector, recently announced that 93% of DeFi's Total Value Locked (TVL) is currently held in Solidity contracts. The data, provided by DeFiLlama, also showed that Rust contracts hold a 4.5% share. In contrast, popular Web2 languages such as C#, C++, or Java combined account for less than 0.2% of the total.
The report suggests that the rise of sovereign Layer 1 (L1) platforms, specifically designed with fully customizable execution, could potentially alter this scenario. These platforms are expected to bring about a shift in the current distribution of DeFi TVL across different contract languages. However, the timeline and extent of this potential shift remain uncertain.
The dominance of Solidity contracts in the DeFi sector underscores the current preference for this language in the development of smart contracts. Despite the presence of other languages, Solidity continues to be the preferred choice for most developers in the DeFi space. The data also highlights the relatively small role played by traditional Web2 languages in the DeFi sector, indicating a significant shift towards blockchain-specific languages in the development of decentralized applications.