While the crypto economy has dropped lower in value against the U.S. dollar, sliding to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered a great deal. Statistics show that the total value locked in defi has dropped 7.96% since May 18, to roughly $104 billion, and the combined value of all the smart contract tokens lost 8.2% during the last 24 hours.
Bear Market Shreds Defi – TVL down more than 7% this month, smart contract coins lose significant value over the past week
Defi metrics indicate that the world of decentralized finance has stagnated since the fall of UST and Terra’s LUNA. 24 days ago, May 18, the total value locked (TVL) in defi was around $113 billion, and today it is 7.96% lower, hovering just above $104 billion. of dollars.
30-day metrics indicate that out of the top five defi protocols in terms of TVL size, four application TVL metrics have dropped significantly. Makerdao commands the top position in defi in terms of TVL size with $8.82 billion locked. However, Makerdao’s TVL has dropped 13.23% lower during the last 30 days.
Curve, Aave and Lido’s TVLs have also lost between 7.21% and 19.74% over the past month, while Uniswap has gained 1.92% over the past 30 days. The Nord Finance challenge protocol was the biggest loser of the month, with its TVL dropping more than 71% last month.
Defillama.com metrics show that Ethereum is the top chain in defi with $63.23 billion total value locked. Money held on ETH-based defi protocols represents 60.97% of all the value locked in defi today. Binance Smart Chain (BSC) is the second-largest chain with $7.78 billion TVL, and Tron is the third-largest with $5.95 billion.
Additionally, all five major smart contract protocol tokens lost significant value over the past week, with the exception of cardano (ADA). Ethereum (ETH) lost 12.4% in value this week, binance coin (BNB) lost 7.9%, solana (SOL) slipped 9.1%, polkadot (DOT) lost 12.1%, but cardano (ADA) managed to gain 1.6% last week.
At the time of writing, the top smart contract platform coins by market capitalization are collectively worth $327 billion. One notable smart contract token gainer last week was chainlink (LINK) as it managed to rise like ADA, but jumped 8% higher against the U.S. dollar. A lion’s share of smart contract tokens lost between 2% and more than 30% during the last seven days.
