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Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Lose 7.8% in 24 Hours Cointelegraph


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.

Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Lose 7.8% in 24 Hours

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%.

Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Lose 7.8% in 24 Hours

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.

Keywords in this story

Aave, Binance Smart Chain, convex finance, Cross-Chain Bridges, Curve, decentralized finance, decentralized finance protocols, DeFi, Defi metrics, defi records, defi stats, ether, Ethereum, Ethereum (ETH), Instadapp, Justlend, Lido, makerdao, Marinade Finance, Market Dominance, MM Finance, Pancakeswap, Smart Contract, smart contract platform coin, tron, 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.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech journalist 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 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.




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