Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%
The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading the pack by 13.27% Value Locked in Defi Slips Under $55 Billion At the time of writing, the top smart contract platform coins by market capitalization are up against the U.S. dollar in value, roughly by 0.6%, and the smart contract token economy is valued at $296 billion. While smart contract tokens improved during the last 24 hours, the state of defi has been at the lowest value since March 29, 2022. Currently, the total value locked in defi is around $54.95 billion and the value locked in Ethereum is around $31.61 billion, or just over 57% of the aggregate value locked today. Ethereum is followed by Tron’s $5.41 billion and the $5.38 billion held by Binance Smart Chain (BSC) defi protocols. TVL according to defillama.com stats on September 24, 2022. While Ethereum’s defi has dominated during the past 30 days, the TVL has dropped 14.09% while Tron lost 9.72% last month. BSC shed 2.54% in 30 days, but the layer two (L2) defi protocol Arbitrum managed to climb 1.52% last month. Out of the $54.95 billion locked today, Makerdao is the dominant protocol with 13.27% or $7.29 billion locked. Makerdao has lost 6.46% during the last 30 days and the second largest defi protocol Lido Finance shed 10.38%. Lido has $5.97 billion locked on Saturday, September 24, 2022. Makerdao and Lido are followed by Curve, Aave, Uniswap, Convex Finance, Just Lend, Pancakeswap, and Compound Finance, respectively. While most of the top smart contract tokens by market capitalization have had a lackluster week, a few smart contract coins saw double-digit gains. In seven days neblio (NEBL) gained 35.2%, algorand (ALGO) jumped 27.5%, and counterparty (XCP) rose by 21.2% last week. Three top smart contract tokens lost double digits last week. Ergo (ERG) lost 35%, proton (XPR) dropped by 21%, and terra luna classic (LUNC) slipped by 19.3% against the U.S. dollar. Out of the top five smart contract tokens today, ethereum (ETH) shed 7% this week, BNB is up 2.4% in seven days, cardano (ADA) lost 1.7%, solana (SOL) is up 6.8%, and polkadot (DOT) lost 6.2% against the U.S. dollar. Tags in this story acumen, ada, Avalanche, AVAX, binance coin, Binance Smart Chain, Bridges, Cross-chain Bridges, Crypto, crypto assets, decentralized finance, DeFi, Defi protocols, Defi Total Value Locked, DOT, ETH, Ethereum, Ethereum (ETH), justin sun, Polkadot, Skeptics, Smart Contract Platforms, Smart Contract Tokens, Stablecoins, total value locked, trading, tron, Tron (TRX), Tron Blockchain, trx, TVL, TVL in defi, USDC
What do you think about the current state of decentralized finance and the top smart contract tokens by market cap? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Uniswap Foundation to Distribute $1.8 Million in Grants to 14 Recipients DEFI | 2 days ago Ethereum-Based ‘Cryptoruble’ Token Under Development in Russia DEFI | 7 days ago
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