While the value of the crypto economy against the U.S. dollar has fallen to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered. Statistics show that since May 18, the total value locked in defi has dropped by 7.96% to around $104 billion, and the total value of all smart contract tokens has dropped by 8.2% in the past 24 hours.
Bears Crush Defi — TVL Down Over 7% This Month, Smart Contract Coins Depreciated Sharply Last Week
Defi metrics suggest that the world of decentralized finance has stalled since Terra’s UST and LUNA collapsed. Twenty-four days ago on May 18, the total value locked (TVL) in defi was around $113 billion, which is down 7.96% today, hovering above $104 billion.
The 30-day metric shows that of the top five Defi protocols by TVL scale, four of the applied TVL metrics dropped significantly. Makerdao locked in a TVL scale of $8.82 billion, ranking first among Defi. However, Makerdao’s TVL has fallen by 13.23% over the past 30 days.
The TVLs of Curve, Aave and Lido have also fallen by 7.21% to 19.74% in the past month, while Uniswap has gained 1.92% in the past 30 days. Defi protocol Nord Finance was the biggest loser this month, with its TVL down more than 71% last month.
Defillama.com metrics show that Ethereum is the top chain in defi with a total locked value of $63.23 billion. Funds held in ETH-based Defi protocols account for 60.97% of all value locked in Defi today. Binance Smart Chain (BSC) is the second largest chain with $7.78 billion in TVL, and TRON is the third largest chain with $5.95 billion.
Additionally, the top five smart contract protocol tokens, with the exception of Cardano (ADA), have depreciated significantly in the last week. Ethereum (ETH) is down 12.4% in value this week, Binance Coin (BNB) is down 7.9%, solana (SOL) is down 9.1% and polkadot (DOT) is down 12.1%, but Cardano (ADA) managed to gain 1.6% in the past a week.
At the time of writing, the total value of the top smart contract platform coins by market cap is $327 billion. One notable smart contract token gainer last week was chainlink (LINK) as it managed to rise like ADA but gained 8% against the US dollar. Most smart contract tokens have lost 2% to over 30% in the past 7 days.
What do you think of Defi and smart contract token value in a bear market? Let us know what you think about this topic in the comments section below.
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