Top smart contract platform tokens by market cap and total value locked (TVL) in decentralized finance (defi) have surged in value over the past few days. Since the value locked in Defi hit a 2022 low of $70 billion on June 19, the entire TVL of the defi ecosystem has grown by over $17 billion. Meanwhile, the fiat value of two smart contract tokens, ethereum and ethereum classic, rose over the past seven days as the two tokens led the week with -digit gains.

The value of Defi and smart contract crypto assets rose last week

Funds appear to be flowing back into the smart contract platform token economy, with the total value locked in Defi. At the time of writing, the top smart contract platform token by market cap is now worth $336 billion, up 6.9% over the past 24 hours.

The native crypto token from ethereum (ETH) and sister network ethereum classic (ETC) has surged over the past seven days, posting -digit gains. Assuming The Merge’s scheduled date, the transition from proof-of-work (PoW) to proof-of-stake (PoS), has boosted the prices of both crypto tokens.

Defi TVL and smart contract platform tokens inflated in value driven by ETH, with ETC leading the way
ETC/USD 1-week chart for Friday, July 22, 2022. Last week, Ethereum Classic gained 73.9% against the U.S. dollar.

Ethereum gained 33.9% last week, while Ethereum Classic gained 73.9%. With The Merge, Ethereum will become a complete PoS system, and PoW miners will be forced to mine another crypto asset that uses the Ethash algorithm, namely ETC. Amid the gains recorded by ETC and ETH, the fiat value of many other smart contract digital currencies has soared.

Defi TVL and smart contract platform tokens inflated in value driven by ETH, with ETC leading the way
According to statistics from defillama.com, as of July 22, 2022, the total value of defi locked on various blockchains.

BNB was up 12.3%, cardano (ADA) was up 12.8% and solana (SOL) was up 14.7%. This week, Polkadot (DOT) is up 13.7%, Polygon (MATIC) is up 24.4%, and Avalanche (AVAX) is up 24.6%. However, Tron (TRX) has not gained as much as its rivals as it has only gained 1.5% in the past 7 days.

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The value of Defi locked in numerous blockchains today is $87.02 billion, with TVL up 2.87% in 24 hours. That’s $17 billion above the TVL low set on June 19, and Makerdao dominates today at $87.02 billion with 9.89%. Makerdao’s TVL rose 10.7% this week and is now valued at $8.61 billion.

Cross-chain bridge TVL remains low, NFT sales surge 21% from last week

As far as TVL is concerned, the second-largest DeFi protocol is Lido, which is up about 31.83% this week, and TVL is about 6.96 billion US dollars. In terms of the total $87 billion locked in Defi, the funds locked in the Ethereum Defi ecosystem accounted for 64.33% at $55.62 billion. Binance Smart Chain has $6.68 billion or 7.72% of TVL in defi today, while Tron has $5.88 billion locked in 6.8%.

Cross-chain bridges helping people access decentralized finance protocols locked in $8.75 billion in total value today. In the past month, the cross-chain bridge TVL has dropped by 60.4% among 11,739 unique addresses. However, there has been an increase in activity and sales of blockchain applications such as non-fungible tokens (NFTs). NFT sales in the past 7 days were up 21.52% from the previous week, with sales of $182.96 million.

tags in this story

Avalanche, Binance Smart Chain, Cardano, Cross-Chain Bridge, Decentralized Finance, Decentralized Finance Protocols, DeFi, Defi Metrics, Defi Records, Defi Statistics, Ethereum, Ethereum, Ethereum (ETH), Lido, makerdao, market dominance, matic, Polygon, smart contracts, smart contract platform coins, Solana, tron, TVL

How do you see the current state of decentralized finance and the smart contract token economy? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based 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 5,700 articles for Bitcoin.com News on the disruptive protocols emerging today.




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