While the crypto economy has depreciated against the US dollar, slipping to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered badly. Statistics show that since May 18, the total value locked in Defi has fallen by 7.96% to approximately $104 billion, and the total value of all smart contract tokens has fallen by 8.2% over the past 24 hours.
Bear Market Shreds Defi – TVL Down Over 7% This Month, Smart Contracts Coins have Depreciated Significantly Over the Last Week
Defi metrics show that the world of decentralized finance has stagnated since the fall of Terra’s UST and LUNA. 24 days ago on May 18, the Total Locked Value (TVL) in Defi was around $113 billion and today it is down 7.96% to just over $104 billion.
30-day metrics show that out of the top 5 defi protocols in terms of TVL size, four TVL metrics for applications have dropped significantly. Makerdao takes the top spot in terms of TVL size at $8.82 billion. However, Makerdao’s TVL is down 13.23% over the past 30 days.
The TVL of Curve, Aave and Lido is also down between 7.21% and 19.74% over the past month, while Uniswap is up 1.92% over the past 30 days. Defi protocol Nord Finance was the month’s biggest loser as its TVL fell more than 71% over the past month.
Defillama.com metrics show that Ethereum is the top chain in Defi with a total locked value of $63.23 billion. Money held on ETH-based Defi protocols accounts for 60.97% of the total 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.
In addition, the top five smart contract protocol tokens have lost significant value over the past week, with the exception of Cardano (ADA). Ethereum (ETH) is down 12.4% this week, Binance Coin (BNB) is down 7.9%, Solana (SOL) is down 9.1%, Polkadot (DOT) is down 12.1%, but Cardano ( ADA) gained 1.6%. this past week.
At the time of writing, the leading smart contract platform coins by market cap are collectively worth $327 billion. A notable smart contract token winner last week was Chainlink (LINK) as it was able to rise like ADA but was up 8% higher against the US Dollar. A lion’s share of smart contract tokens have lost between 2% and more than 30% in the past seven days.
What are your thoughts on the bear market packing the defi and smart contract token values? Let us know what you think about this topic in the comment section below.
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