The crypto economy’s value has fallen against the U.S. Dollar, falling to $1.2 trillion. However, smart contract tokens and decentralized finance protocols have suffered significant losses. According to statistics, the value of defi total has declined 7.96% from May 18, to approximately $104 billion. The combined value all smart contract tokens have lost 8.2% over the past 24 hours.
Bear Market Shreds Defi — TVL Down Over 7% This Month, Smart Contracts Coins Lose Significant Value Over the Last Week
Defi metrics indicate that the world of decentralized finance has been stagnant since the fall of Terra’s UST and LUNA. The total value locked (TVL), in defi, was approximately $113 billion 24 days prior to May 18. Today it is just below $104 billion.
The 30-day metrics show that four of the five top defi protocols have seen their TVL sizes drop significantly. Makerdao holds the number one spot in defi, in terms TVL size, with $8.82 trillion locked. However, Makerdao’s TVL has dropped 13.23% lower during the last 30 days.
Curve’s, Aave’s, and Lido’s TVL shed between 7.21% and 19.74% during the past month as well, while Uniswap gained 1.92% during the last 30 days. The defi protocol Nord Finance was the month’s biggest loser, as its TVL dropped by more than 71% last month.
Defillama.com’s metrics indicate that Ethereum is the most popular defi chain with $63.23 Billion in total value. The 60.97% value of defi currently locked into money held by ETH-based protocols is 60.97%. Binance Smart Chain (BSC), which has $7.78 Billion TVL, is the second largest chain. Tron comes in third at $5.95 Billion.
The top five smart contract tokens, including cardano (ADA), have seen significant losses in value over the past week. Ethereum (ETH) lost 12.4% in value this week, binance coin (BNB) shed 7.9%, solana (SOL) slipped by 9.1%, polkadot (DOT) lost 12.1%, but cardano (ADA) managed to gain 1.6% this past week.
The top three largest smart contract platform coins based on market capitalization were collectively valued at $327 billion as of the writing. Last week’s notable smart contract token gains was chainlink (LINK), which managed to grow like ADA and soared 8% against US dollars. A lion’s share of smart contract tokens lost between 2% and more than 30% during the last seven days.
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