Smart contract platform tokens and decentralized finance (defi) protocols have taken a beating since the FTX collapse last week. The market capitalization of all the smart contract platform tokens in existence lost more than $22 billion during the last 36 days. The total value locked (TVL) in defi protocols has dropped to $43 billion, the lowest defi TVL since the first week of March 2021.
Smart contract tokens and DeFi protocols see significant value reduction since FTX collapse
Decentralized finance and smart contract platform Tokens have suffered significant losses during the past week following the FTX crash. Today, smart contract platform tokens are very low in value, as a large number of coins have declined from 8% to more than 20% during the past seven days.
Solana’s smart contract token SOL, on the other hand, lost 41% against the U.S. dollar during the past week. Out of the top ten smart contract platform tokens, SOL was the biggest loser over the last week.
Fantasma (Soul) is down 35.6% and Velas (VLX) is down 29.6% this week, two tokens that have seen significant losses similar to SOL. Two smart contract tokens that gained this week include qanplatform (QAN) up 368.5% and Secret (SCT) up 29% against the US Dollar.
Since Oct. 11, 2022, or 36 days ago, $22 billion has left the smart contract token economy, as the market cap has dropped from $283 billion to today’s $261 billion. In regard to defi platforms, a great amount of value has left the top defi protocols during the past week as well.
Total Value Locked (TVL) in DeFi is at its lowest level since March 2021. At the time of writing on November 16th, 2022, the TVL in DeFi is $43.24 billion. Ethereum’s DeFi dominance represents 57.63% of the $43.24 billion locked on the blockchain’s DeFi protocol with a total value of $24.92 billion.
The second-largest blockchain in terms of defi TVL is the Binance Smart Chain (BSC) with $4.83 billion in value locked. Tron is in third place with 10.11% of the aggregate $43.24 billion or roughly $4.33 billion in value locked on Nov. 16.
MakerDAO is the largest DeFi protocol today in terms of TVL, as it dominated by 15.47% on Wednesday. MakerDAO has a TVL of $6.69 billion today, followed by liquid staking protocol Lido.
The defi application Lido commands $5.92 billion in value locked on Wednesday. Makerdao’s TVL shed 13.87% during the past 30 days, while Lido shed 0.90% this past month. Weekly stats show Makerdao lost 4.70% this past week and Lido lost 2.54% during the last seven days.
In addition to MakerDAO and Lido, top DeFi protocols this week include Aawe, Uniswap, Curve, JustLend, and Pancakeswap. The last day saw a volume of $141.87 million in cross-chain bridges, and during the last seven days, bridges saw a turnover of $1.93 billion.
The top chains in terms of volume are Ethereum, Fantom, Arbitrum, Avalanche, Gnosis, and Celo. All of the cross-chain bridge protocols have seen an enormous amount of withdrawals during the past seven days following FTX’s collapse.
