While the crypto economy’s value has fallen against the U.S. Dollar, falling to $1.2 trillion, it has seen a significant drop in the value of smart contract tokens and decentralized finance protocols (defi). The total value of defi has fallen 7. 96% since May 18, to roughly $104 billion, and the combined value of all the smart contract tokens lost 8.2% during the last 24 hours.

Bear Market Shared Defi — TVL down over 7% this month, Smart Contracts coins lose significant value over the last week

Defi metrics show that decentralized finance has been in decline since Terra’s UST/LUNA collapse. 24 days ago on May 18, the total value locked (TVL) in defi was around $113 billion, and today it is 7. 96% lower, hovering just above $104 billion.

30-day metrics indicate that out of the top five defi protocols in terms of TVL size, four application TVL metrics have dropped significantly. Makerdao holds the number one spot in defi by TVL size, with $8. 82 billion locked. However, Makerdao’s TVL has dropped 13. 23% lower during the last 30 days.

Curves, Aave and Lido’s TVL sheds between 7. 21% and 19. 74% during the past month as well, while Uniswap gained 1. 92% during the last 30 days. The defi protocol Nord Finance was the month’s biggest loser, as its TVL dropped by more than 71% last month.

Defillama.com metrics show that Ethereum is the top chain in defi with $63. 23 billion total value locked. Money held on ETH-based defi protocols represents 60. 97% of all the value locked in defi today. Binance Smart Chain (BSC), which has $7, is the second-largest. 78 billion TVL, and Tron is the third-largest with $5. 95 billion.

Additionally, the top five smart contract protocol tokens have lost significant value during the last week, except for cardano (ADA). Ethereum (ETH) lost 12.4% in value this week, binance coin (BNB) shed 7.9%, solana (SOL) slipped by 9.1%, polkadot (DOT) lost 12.1%, but cardano (ADA) managed to gain 1.6% this past week.

At the time of writing, the top smart contract platform coins by market capitalization are collectively worth $327 billion. One notable smart contract token gainer last week was chainlink (LINK) as it managed to rise like ADA, but jumped 8% higher against the U.S. dollar. A lion’s share of smart contract tokens lost between 2% and more than 30% during the last seven days.

What do you think about the bear market gripping defi and smart contract token values? Please comment below to let us know your thoughts on this topic.

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