The value of cryptocurrencies fell against the US dollar, dropping to just under $ 1.2 trillion, but the value of decentralized finance (defi) protocols and smart contract tokens was hit hard. According to statistics, the total value fixed to defi decreased by 7.96% from May 18 to about $ 104 billion, and the total value of all smart contract tokens has decreased by 8.2% in the last 24 hours.
Bear Market Shreds Defi — TVL fell more than 7% this month and smart contract coins lost significant value last week
Defi metrics show that the world of decentralized finance has stagnated since the collapse of Terra’s UST and LUNA. Twenty-four days ago, on May 18, decentralized total (TVL) was about $ 113 billion, but is now down 7.96%, just above $ 104 billion.
The 30-day metric shows that four of the top five decentralized protocols in terms of TVL size have significantly reduced the application TVL metric. Makerdao has locked $ 8.82 billion and is the number one decentralized finance player in terms of TVL size. However, Macerdao’s TVL has fallen 13.23% over the last 30 days.
TVL for Curve, Aave, and Lido decreased between 7.21% and 19.74% over the past month, while Uniswap increased by 1.92% over the last 30 days. The decentralized Finance, Nord Finance, was the biggest loser of the month as TVL fell by more than 71% last month.
Defillama.com metrics show that Ethereum is Defy’s top chain, with a total of $ 63.23 billion locked. The money held by the ETH-based decentralized protocol represents 60.97% of all the value fixed to decentralized finance today. Binance Smart Chain (BSC) is the second largest chain in TVL at $ 7.78 billion and Tron is the third largest chain at $ 5.95 billion.
In addition, with the exception of Cardano (ADA), the top five smart contract protocol tokens lost significant value last week. This week, Ethereum (ETH) value fell 12.4%, Binance Coin (BNB) fell 7.9%, Solana (SOL) fell 9.1%, Polkadot (DOT) fell 12.1%, but Cardano. (ADA) increased 1.6% last week.
At the time of this writing, the top smart contract platform coins by market capitalization are worth a total of $ 327 billion. One of the notable smart contract token winners last week was ADA-like rising chainlinks, which rose 8% against the US dollar. The majority of smart contract tokens have been lost by more than 2% to 30% in the last 7 days.
What do you think about the bear market knowing the values of decentralized and smart contract tokens? Please tell us what you think about this subject in the comments section below.
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