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.
- 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.
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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.
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