While the crypto economy has fallen in value against the US dollar, shrinking to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has been hit hard. Statistics show that the total value locked in defi has fallen by 7.96% since May 18 to around $104 billion, and the combined value of all smart contract tokens has lost 8.2% in the last 24 hours.
Bear market in tatters Defi – TVL has fallen over 7% this month, smart contract coins have lost significant value over the past week
Defi figures show that the decentralized finance world is stagnating after the fall of UST and LUNA Terra. 24 days ago on May 18, total value locked (TVL) in defi was around $113 billion and today it is down 7.96% hovering just above $104 billion.
The 30-day metrics show that of the top five defi protocols in terms of TVL size, four app TVL metrics dropped significantly. Makerdao ranks first in defi in terms of TVL size with $8.82 billion locked up. However, in the past 30 days TVL Makerdao has fallen by 13.23%.
TVL Curve, Aave and Lido have also lost 7.21% to 19.74% in the last month, while Uniswap has gained 1.92% in the last 30 days. The defi Nord Finance protocol was the biggest loser this month as its TVL fell over 71% last month.
Defillama.com figures show that Ethereum is the leading network in defi with a total value of $63.23 billion locked. Money held in ETH-based defi protocols represents 60.97% of all value locked in defi today. Binance Smart Chain (BSC) is the second largest network with $7.78B TVL, while Tron is the third largest with $5.95B.
In addition, the five major smart contract protocol tokens have lost significant value over the past week, with the exception of Cardano (ADA). Ethereum (Ethereum) lost 12.4% in price this week, binance coin (BNB) lost 7.9%, solana (SOL) fell 9.1%, peas (DOT) lost 12.1%, and cardano (ADA) managed to score 1.6% last week.
At the time of writing, the smart contract platform’s core coins, by market cap, are collectively worth $327 billion. Last week, one of the notable players in the smart contract token market was chainlink (LINK), as it managed to rise as ADA, but jumped 8% higher against the US dollar. The lion’s share of smart contract tokens have lost between 2% and over 30% in the past seven days.
What do you think of the bear market capturing the value of defi tokens and smart contracts? Let us know what you think about it in the comments section below.
Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.
Credit : news.bitcoin.com