Over the five days to August 14, 2022, the total value locked in decentralized finance has dropped 8.53%. The TVL at the time was $66.7 billion. Today, it is about $62.08 trillion. Over the 24 hour period, however, smart contract tokens that are currently the most valuable by market value have dropped 7.8%.
A Smart Contract Token Economy slides lower, while Total Value in Defi is lost 8.53%.
The top smart contract tokens, such as ethereum(ETH), binance coin(BNB), cardano [ADA], solana (“SOL”), polkadot (“DOT”) and avalanche” are all falling in value against U.S. dollars on August 19, 2022. There are dozens of smart contract tokens and collectively they are all worth $347 billion, down 7.8% according to today’s market data.
Ethereum leads the pack with the largest market capitalization as ETH now commands 19.2% of the crypto economy’s $1.14 trillion in value. Out of the entire lot of smart contract coins worth $347 billion, ETH’s $208 billion market cap represents 59.94% of the top smart contract tokens by valuation.
At the same time, the smart contract crypto economy equates to roughly 32.12% of the crypto economy’s $1.08 trillion valuation. While the top smart contract tokens’ market performances have been lackluster, the value locked in defi has been the same. Today there’s $62.08 billion in value locked into the numerous defi protocols in existence and defillama.com stats detail the protocol Makerdao dominates by 13.45%.
Data shows that the defi protocol Makerdao’s TVL on August 19, is around $8.35 billion. Following Makerdao’s TVL, today’s top defi protocols by TVL include Lido ($7.62B), Aave ($6.91B), Curve Finance ($5.98B), Uniswap ($5.88B), Convex Finance ($4.32B), and Justlend ($3.27B). Ethereum, which has $36.31B or 59.04% in defi is the biggest blockchain metric, remains the champion.
Tron is closely followed by Binance Smart Chain and Polygon. Tron is the second largest blockchain according to defi TVL metrics and commands $5.63 Billion, or 9.15%, of $62.08 Billion currently locked up in defi protocol.
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 largest defi protocol is Pancakeswap, Polygon’s is MM Finance, Avalanche’s largest is Aave, and Solana’s is Marinade Finance.
With Ethereum being the top defi chain, the network’s top collateralized debt position (CDP) protocol is Makerdao, the biggest liquid staking application is Lido, and Uniswap rules the roost in terms of Ethereum decentralized exchange (dex) platforms. Aave is Ethereum’s largest lending application, the WBTC bridge has the most value locked, and Convex Finance is Ethereum’s top yield protocol in terms of TVL.
What do you think about this week’s decentralized finance market action and the value locked in these protocols? Please comment below to let us know your thoughts on this topic.
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