The top smart contract platform tokens by market capitalization and the total value locked (TVL) in decentralized finance (defi) have swelled significantly in value during the last few days. 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. Meanwhile, the two smart contract tokens ethereum and ethereum classic saw their fiat values rise during the last seven days, as the two coins led the pack this week with double-digit gains.
Defi and Smart Contract crypto assets have risen in value over the past week
The money apparently flows back into the smart contract platform’s token economy and the full value is locked in defi. At the time of writing, the leading smart contract platform tokens by market capitalization are now worth $336 billion, up 6.9% in the last 24 hours.
The native crypto tokens stemming from Ethereum (ETH) and sister network Ethereum Classic (ETC) rose significantly during the last seven days capturing double-digit gains. It is assumed that the pencilled-in date for The Merge, the transition from proof-of-work (PoW) to proof-of-stake (PoS), has bolstered the price of both crypto tokens.
While Ethereum jumped 33.9% over the past week, Ethereum Classic jumped 73.9%. With The Merge, Ethereum will be a complete PoS system and PoW miners will be forced to mine another crypto asset that uses the Ethash algorithm, which is ETC. Amid the gains recorded by ETC and ETH, a number of other smart contract digital currencies have risen in fiat value.
BNB jumped 12.3%, cardano (ADA) is up 12.8%, and solana (SOL) increased by 14.7%. Against the U.S. dollar, polkadot (DOT) gained 13.7%, polygon (MATIC) increased by 24.4%, and avalanche (AVAX) is up 24.6% this week. Tron (TRX), however, has not seen gains like its competitors as it has only increased by 1.5% during the last seven days.
The value locked in challenge today on many blockchains is $87.02 billion and the TVL has increased by 2.87% in 24 hours. That’s $17 billion higher than the TVL low recorded on June 19, and Makerdao tops $87.02 billion by 9.89% today. Makerdao’s TVL rose 10.7% this week and is currently valued at $8.61 billion.
Cross-Chain Bridge TVL Is Still Low, NFT Sales Spike 21% Higher Than Last Week
The second-largest defi protocol, in terms of TVL, is Lido, which saw an increase of around 31.83% this week and has a TVL of around $6.96 billion. 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 has $6.68 billion or 7.72% of the TVL in defi today and Tron commands 6.8% with $5.88 billion locked.
Cross-chain bridges that help people access decentralized financial protocols have a total value of $8.75 billion locked in today. The TVL cross-channel bridge is down 60.4% over the past month among 11,739 unique addresses. However, blockchain applications such as non-fungible tokens (NFTs) have seen an increase in activity and sales volume. NFT’s sales volume over the past seven days increased 21.52% from the previous week to $182.96 million in sales.
