Defi TVL and Smart Contract Platform Tokens Swell in Value With ETH, ETC Leading the Pack – Defi Bitcoin News

In the past few days, the market capitalization of the top smart contract platform tokens and total value locked in decentralized financing (defi), have both increased significantly. Since the value locked in defi reached a 2022 low of $70 billion on June 19, the defi ecosystem’s entire TVL has grown by more than $17 billion. The fiat currencies of the smart contract tokens, ethereum, and ethereum classical saw their values increase over the past seven days. This week, they led the pack with double-digit gains.

In the last week, Defi and smart contract Crypto assets have seen an increase in value

It seems that money is flowing back into smart contract platform token economies and total defi value. The top three smart contract platform tokens, ranked by market capitalization, are currently worth $336 billion. This is 6.9% more than the 24 hours prior.

Over the past seven days, native cryptocurrency tokens derived from Ethereum (ETH), and its sister network Ethereum Classic(ETC) have seen significant gains. The price of crypto tokens has increased due to The Merge (the transition from proofwork (PoW), to proof-of–stake (PoS)), as it is expected.

Ethereum is currently up by 33.9%, but ethereum Classic has gained 73.9% over the same period. The Merge makes Ethereum an open-source PoS system. PoW miners are forced to mine ETC and another cryptocurrency asset using the Ethash algorithms. Several smart contract digital currencies have seen their fiat values increase in the wake of ETC and ETH’s gains.

BNB increased 12.3%. Cardano is now up 12.8%. Solana (SOL), rose by 14.7%. Compared to the U.S. Dollar, polkadot gained 13.7% and polygon (MATIC), increased by 24.4% and avalanche is up 24.6%. Tron (TRX) has seen no gains compared to its rivals, as it only rose by 1.5% in the past seven days.

Today’s value in defi across multiple blockchains is $87.02 Billion. The TVL went up by 2.87% within 24 hours. That’s $17 billion higher than the TVL low recorded on June 19, and Makerdao dominates the $87.02 billion by 9.89% today. Makerdao’s TVL increased 10.7% this week and is currently valued at $8.61 billion.

Cross-Chain Bridge TVL is still low, but NFT sales spike 21% higher than last week

Lido is the second largest defi protocol in terms TVL. It saw a 31.83% increase this week, and currently has an estimated TVL of $6.96 trillion. In terms of the aggregate $87 billion locked in defi, the funds locked into Ethereum’s defi ecosystem dominate by 64.33% with $55.62 billion. Binance Smart Chain is home to $6.68Billion or 7.72% today of defi TVL, while Tron holds 6.8% at $5.88 billion.

The total $8.75Billion value of cross-chain financial bridges, which enable people to use decentralized finance protocols, is currently locked. The TVL for cross-chain bridges is at 60.4%, with 11,739 addresses. The sales volume of non-fungible tokens, or NFTs, has increased. Blockchain applications have also seen more activity. NFTs sales volume has increased by 21.52% in the last seven days compared to the previous week, with $182.96million of sales.

How do you feel about decentralized finance today and smart contract token economies? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5700 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.