The total value locked in decentralized finance (defi), which was close to $100 billion, has fallen short of that mark over the past few weeks. As the TVL fell 3.34% in the 24 hours, today’s value across defi is $86.22billion.
The Value of Decentralized Finance is Not Enough to Cap $100 Billion
According to metrics.defillama.com, around $86.22 million was the total value of decentralized finance protocols as of August 2, 2022. Makerdao dominates the pack by 9.67% with the protocol’s $8.34 billion locked.
Today’s defi TVL is down 3.34% but the value has been steadily rising since the low of $69 billion recorded in mid-June. TVL’s value has risen 24.95% since its low of $69 billion in June and it reached $89.84 million on July 29.
Out of all the defi supporting blockchains, Ethereum is still the dominant leader capturing 65.20% of today’s TVL with approximately $55.84 billion locked on August 2. Binance Smart Chain is following Ethereum (BSC), which has $6.64 Billion locked, which equals 7.75% to the $86.22 Billion.
Tron today is third in defi. It has $5.78 trillion locked. That’s approximately 6.75% off the TVL. While Makerdao is the largest defi protocol, the application’s TVL rose by 5.91% this past week.
Instadapp, Lido Capture Double-Digit Monthly Gains — Cross-Chain Bridge TVL Slides More Than 60% This Past Month
Instadapp saw an increase of 27.38% in TVL over the previous seven days. Lido’s liquid staking protocol jumped by 13.63% and Convex Finance saw an increase of 11.18%.
TVLs saw TVL increases this week for all top 10 defi app, as well as gains over the last 30 days. Instadapp, which is in the tenth position, saw a 49.14% monthly TVL increase, and Lido’s TVL swelled by 44.50% over the last 30 days.
The cross-chain bridge ecosystem has cratered as 30-day statistics show that it’s down 60.4% and the Nomad bridge exploit contributed to this month’s losses. The current smart contract platform token market capization stands at $333 billion. That’s a drop of 2.2% in 24 hours.
Ethereum (ETH), and the ethereum Classic (ETC) have been the largest smart contract platform token gains over this past week. ETC rose 54.9% and ETH jumped 10.5% against the U.S. Dollar. ETC also saw a jump of 121.5% in neblio, (NEBL), and an increase of 72.5% in oasis network (ROSE).
How do you feel about recent decentralized financial (defi), market actions and the collapse of cross-chain bridge TVL? Please comment below to let us know your thoughts on this topic.
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