Connect with us

DEFI

Value Locked In Defi Loses $5.7 Billon in 5 Days. Smart Contract Tokens Drop 7.8% in 24 hours

Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Shed 7.8% in 24 Hours

The total value locked in decentralized finance (defi), has dropped 8. 53% over the last five days since August 14, 2022. At the time, the TVL was $67. 87 billion but today, the value locked in defi is approximately $62. 08 billion. Moreover, the top smart contract platform tokens by market valuation today are worth $372 billion, but overall the dozens of smart contract crypto assets have lost 7.8% in value during the last 24 hours.

Smartcontract Token Economy Slides Lower. Total Value Locked In Defi Loss 8. 53% Since August 14

On August 19, 2022, the top smart contract tokens like ethereum (ETH), binance coin (BNB), cardano (ADA), solana (SOL), polkadot (DOT), and avalanche (AVAX) are all down in value against the U.S. dollar. There are dozens of smart contract tokens and collectively they are all worth $347 billion, down 7.8% according to today’s market data.

Ethereum leads the pack with the largest market capitalization as ETH now commands 19.2% of the crypto economy’s $1. 14 trillion in value. Out of the entire lot of smart contract coins worth $347 billion, ETH‘s $208 billion market cap represents 59. 94% of the top smart contract tokens by valuation.

Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Shed 7.8% in 24 Hours

At the same time, the smart contract crypto economy equates to roughly 32. 12% of the crypto economy’s $1. 08 trillion valuation. Despite the poor market performance of smart contract tokens, the defi value has remained constant. Today there’s $62. 08 billion in value locked into the numerous defi protocols in existence and defillama.com stats detail the protocol Makerdao dominates by 13.45%.

Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Shed 7.8% in 24 Hours

Data shows that the defi protocol Makerdao’s TVL on August 19, is around $8. 35 billion. Today’s top defi protocol by TVL are Lido ($7. 62B), Aave ($6. 91B), Curve Finance ($5. 98B), Uniswap ($5. 88B), Convex Finance ($4. 32B), and Justlend ($3.27B). In terms of the blockchain with the largest TVL metric, Ethereum is still the reigning champ with $36. 31 billion or 59. 04% of the TVL in defi.

Ethereum is followed by Tron, Binance Smart Chain, Polygon, Avalanche, Solana, Cronos, Arbitrum, Optimism, and Fantom, respectively. In comparison to Ethereum, the second-largest blockchain by defi TVL metrics, Tron, commands $5. 63 billion or 9. 15% of the $62. 08 billion locked in defi protocols today.

While the tenth-largest blockchain by defi TVL data, Fantom, has around $588 million or 0. 96% of the TVL in defi, Justlend is the largest defi protocol on the Tron network as it dominates by 58. 14% of the network’s $5. 63 billion locked in defi, or $3. 27 billion in USD value. Pancakeswap is Binance Smart Chain’s largest defi protocol, while Polygon’s is MM Finance and Avalanche’s is Aave. Solana’s Marinade Finance is Solana’s.

With Ethereum being the top defi chain, the network’s top collateralized debt position (CDP) protocol is Makerdao, the biggest liquid staking application is Lido, and Uniswap rules the roost in terms of Ethereum decentralized exchange (dex) platforms. Aave, Ethereum’s largest lending app, is the WBTC Bridge with the highest value locked and Convex Finance, Ethereum’s top yielding protocol in terms TVL.

What do you think about this week’s decentralized finance market action and the value locked in these protocols? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More

DEFI

Makerdao Reveals Ambitious Endgame Plans With 2 New Stablecoins 

Makerdao, a leading decentralized finance (defi) protocol, has revealed new concepts to its Endgame plan, introducing two new stablecoins: newstable and puredai. This strategic initiative aims to replace the existing DAI stablecoin and bolster the Makerdao ecosystem. Maker’s Endgame Plan Brings Newstable and Puredai to Replace DAI Makerdao…
Read More

Continue Reading

DEFI

X Launches ‘AI Audience’ for Advertisers, Promises Precision in Targeting

The business account for the social media platform formerly known as Twitter, now referred to as ‘X,’ announced a new artificial intelligence (AI)-enhanced feature for advertisers called “AI Audience.” This feature enables advertisers to define their target audience in brief descriptions, after which X’s AI systems will quickly generate a relevant user pool for that [……
Read More

Continue Reading

DEFI

Attackers Steal $1.6 Million in Digital Assets From Defi Protocol Pike Finance

Unknown attackers recently siphoned digital assets valued at just under $1.6 million from the decentralized finance protocol, Pike Finance. The protocol announced it is offering a 20% reward for the return of the funds, while an ongoing investigation into the incident continues. USDC Vulnerability The decentralized finance (defi) protocol…
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.