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 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.

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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.

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7-day loss, ada, Avalanche, Cardano, Chainlink, crypto assets, cryptocurrencies, DeFi, defi smart contracts, Defi TVL, Ethereum, LiNK, loss, market cap, monthly, Polkadot, smart contract coins, smart contract tokens, Solana, tron, TVL, values, weekly

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Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles Bitcoin.com News on the disruptive protocols emerging today.

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