The total value locked (TVL) in decentralized finance (defi) has dropped by 8.53% in the past five days since August 14, 2022. The TVL at the time was $67.87 billion, but today, the value locked in defi is about $62.08 billion. Additionally, the smart contract platform token with the highest market cap today is worth $372 billion, but overall, dozens of smart contract cryptoassets have lost 7.8% in value over the past 24 hours.
Smart contract token economy slumps, total value locked in Defi drops 8.53% since August 14
Value of top smart contract tokens like Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), solana (SOL), Polkadot (DOT) and Avalanche (AVAX) on August 19, 2022 are lower than the US dollar. There are dozens of smart contract tokens with a combined value of $347 billion, down 7.8%, according to market data today.
Ethereum leads with the largest market cap, as ETH now accounts for 19.2% of the cryptoeconomy’s $1.14 trillion value. Of all smart contract tokens valued at $347 billion, ETH’s $208 billion market cap represents 59.94% of the most valuable smart contract tokens.
At the same time, the smart contract crypto-economy is equivalent to about 32.12% of the crypto-economy’s $1.08 trillion valuation. While the market performance of the top smart contract tokens has been lackluster, the value locked in defi is the same. With $62.08 billion in value locked in the numerous existing defi protocols today, statistics from defillama.com detail the Makerdao protocol’s 13.45% dominance.
Data shows that the TVL of DeFi protocol Makerdao on August 19 was about $8.35 billion. Following Makerdao’s TVL, TVL’s top defi protocols today include Lido ($7.62B), Aave ($6.91B), Curve Finance ($5.98B), Uniswap ($5.88B), Convex Finance ($4.32B) and Justlend ($3.27B) . As far as the blockchain with the largest TVL metric is concerned, Ethereum remains the reigning champion with $36.31 billion or 59.04% of TVL in defi.
Ethereum is followed by Tron, Binance Smart Chain, Polygon, Avalanche, Solana, Cronos, Arbitrum, Optimism and Fantom. Compared to Ethereum, Tron, the second largest blockchain by the defi TVL metric, has $5.63 billion or 9.15% of the $62.08 billion locked in defi protocols today.
While Fantom, the tenth largest blockchain by defi TVL data, has about $588 million or 0.96% of Defi TVL, Justlend is the largest defi protocol on the Tron network as it accounts for $5.63 billion of the network’s locked in defi 58.14% share, or $3.27 billion in value. Binance Smart Chain’s largest defi protocol is Pancakeswap, Polygon’s is MM Finance, Avalanche’s largest is Aave, Solana’s is Marinade Finance.
Ethereum is the top defi chain, the network’s top collateralized debt position (CDP) protocol is Makerdao, the largest liquid collateral application is Lido, and Uniswap is the roost in the Ethereum decentralized exchange (dex) platform. Aave is Ethereum’s largest lending application, WBTC bridge has the most value locked, and Convex Finance is Ethereum’s highest yielding protocol in terms of TVL.
What do you think of the decentralized finance market action this week and the value locked in these protocols? Let us know what you think about this topic in the comments section below.
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