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Defi TVL and Smart Contract Platform Tokens Swell in Value With ETH, ETC Leading the Pack

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The top smart contract platform tokens by market cap and total value locked (TVL) in decentralized finance (defi) have risen in value significantly over the past few days. As the value locked in defi hit a 2022 low of $70 billion on June 19, the entire TVL of the defi ecosystem has grown by more than $17 billion. Meanwhile, the value of the two smart contract tokens ethereum and ethereum classic has risen over the past seven days as the two coins led this week with double-digit gains.

Cryptocurrency assets Defi and Smart Contract have risen in price over the past week

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Money seems to be flowing back in Token economy of the smart contract platform and total cost locked in defi. At the time of writing, the smart contract platform’s core tokens, by market cap, are now worth $336 billion, up 6.9% from the last 24 hours.

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Native crypto tokens originating from Ethereum (ETH) and sister network Ethereum Classic (ETC) rose significantly over the past seven days, recording a double-digit gain. The penciled date of the merger, the transition from Proof of Work (PoW) to Proof of Stake (PoS), is believed to have supported the price of both crypto tokens.

Defi TVL Tokens and Smart Contract Platforms Rise in Price Driven by ETH and ETC
ETC/USD Weekly chart on Friday, July 22, 2022 Ethereum classic jumped 73.9% against the US dollar over the past week.
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While Ethereum has jumped 33.9% over the past week, Ethereum Classic has jumped 73.9%. merger, Ethereum will be a full PoS system, and PoW miners will be forced to mine another crypto asset using the Ethash algorithm, which ETC. Among the successes recorded ETC as well as Ethereumthe value of a number of other smart contract digital currencies has skyrocketed.

Defi TVL Tokens and Smart Contract Platforms Rise in Price Driven by ETH and ETC
According to statistics from defillama.com, the total value locked in defi on various blockchains as of July 22, 2022.

BNB jumped by 12.3%, cardano (ADA) grew by 12.8%, and sunlight (sun) increased by 14.7%. In relation to the US dollar, polka dots (dot) gained 13.7%, polygon (MATIC) increased by 24.4%, and avalanche (AVAX) up 24.6% this week. Throne (TRX)however, did not achieve the same growth as its competitors, as it has increased by only 1.5% over the past seven days.

The value locked today in defi on many blockchains is $87.02 billion and TVL increased by 2.87% in 24 hours. That’s $17 billion above TVL’s June 19 low and Makerdao dominates $87.02 billion by 9.89% today. TVL Makerdao is up 10.7% this week and is currently valued at $8.61 billion.

Cross-Chain Bridge TVL Still Low, NFT Sales Growth 21% Higher Than Last Week

The second largest defi protocol in terms of TVL is Lido, which is up around 31.83% this week with a TVL of around $6.96B. In terms of the cumulative $87 billion locked in defi, the funds locked in Ethereum defi ecosystem dominates 64.33% with $55.62 billion. Binance Smart Chain today has $6.68 billion or 7.72% of TVL in defi, while Tron has 6.8% with $5.88 billion locked up.

The total value of internet bridges that help people access decentralized finance protocols is $8.75 billion today. TVL bridge not working 60.4% for the last month among 11,739 unique addresses. However, blockchain applications such as non-fungible tokens (NFTs) are showing increased activity and sales volume. NFT sales volume over the past seven days up 21.52% from the previous week with sales of $182.96 million.

What do you think of the current state of decentralized finance and the smart contract economy? Let us know what you think about it in the comments section below.

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Credit : news.bitcoin.com

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