The total value locked (TVL) in decentralized finance (defi) has slipped 8.53% in the past five days since August 14, 2022. Back then, the TVL was $67.87 billion, but today, the value locked in defi is around $62.08 billion. Additionally, the leading smart contract platform tokens by market valuation are worth $372 billion today, but overall the dozens of smart contract crypto assets have lost 7.8% in value in the past. over the past 24 hours.
Smart contract token economy slides lower, total value locked in Defi drops 8.53% since Aug 14
On August 19, 2022, major smart contract tokens like Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Polkadot (DOT) and Avalanche (AVAX) all lost value against to US dollars. There are dozens of smart contract tokens and collectively they are all worth $347 billion, down 7.8% based on current market data.
Ethereum leads the pack with the largest market cap, as ETH now controls 19.2% of the crypto-economy’s $1.14 trillion worth. Out of all smart contract coins worth $347 billion, ETH’s $208 billion market capitalization represents 59.94% of the top smart contract tokens by valuation.
Meanwhile, the smart-contract crypto-economy is worth about 32.12% of the crypto-economy’s $1.08 trillion valuation. While the market performance of major smart contract tokens has been poor, the value locked in defi has been the same. Today, $62.08 billion worth is locked up in the many existing defi protocols and statistics from defillama.com detail the protocol that Makerdao dominates by 13.45%.
The data shows that the TVL of the Makerdao challenge protocol on August 19 is around $8.35 billion. After Makerdao’s TVL, TVL’s current top challenge protocols include Lido ($7.62 billion), Aave ($6.91 billion), Curve Finance ($5.98 billion), Uniswap ($5.88 billion). billion), Convex Finance ($4.32 billion) and Justlend ($3.27 billion). In terms of the blockchain with the largest TVL metric, Ethereum is still the defending champion with $36.31 billion or 59.04% of the TVL in challenge.
Ethereum is followed by Tron, Binance Smart Chain, Polygon, Avalanche, Solana, Cronos, Arbitrum, Optimism, and Fantom, respectively. Compared to Ethereum, Tron, the second largest blockchain according to defi TVL metrics, commands $5.63 billion, or 9.15% of the $62.08 billion locked in defi protocols today.
While the tenth largest blockchain by defi TVL data, Fantom, has around $588 million or 0.96% of the TVL in defi, Justlend is the largest defi protocol on the Tron network as it dominates by 58.14% of the network’s $5.63 billion locked in defi, or $3.27 billion in USD value. Binance Smart Chain’s biggest challenge protocol is Pancakeswap, Polygon’s is MM Finance, Avalanche’s biggest is Aave, and Solana’s is Marinade Finance.
Ethereum being the best challenge chain, the network’s main Collateralized Debt Position (CDP) protocol is Makerdao, the biggest liquid staking app is Lido, and Uniswap reigns supreme in terms of Ethereum decentralized exchanges. (dex). Aave is Ethereum’s largest lending application, WBTC Bridge has the largest value locked, and Convex Finance is Ethereum’s highest yielding protocol in terms of TVL.
What do you think of this week’s decentralized financial market action and the value locked in these protocols? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.