Less than a week after launching on the Avalanche (AVAX) network, Benqi Finance has hit $1 billion in total value locked, or TVL. The assets currently staked on a certain protocol are referred to as total value locked in DeFi. Nearly $160 billion in TVL was recorded across the DeFi ecosystem at the time of writing. Aave is the market leader, accounting for 8.82 percent of TVL.