DeFi Pegged Value At Lowest Point Since March 2021, Smart Contract Tokens Drop $22 Billion In 36 Days – Bitcoin News

Smart contract platform tokens and decentralized finance (defi) protocols have taken a hit since the collapse of FTX last week. The market cap of all smart contract platform tokens in existence has lost over $22 billion in the last 36 days. Total defi protocol locked value (TVL) fell to $43 billion, the lowest defi TVL since the first week of March 2021.

Smart contract tokens and Defi protocols have witnessed a significant decline in value since the collapse of FTX

Decentralized finance and smart contract platform tokens took a big hit last week in the wake of FTX. Today, the value of smart contract platform tokens is much lower, with numerous coins dropping between 8% and 20% or more over the past seven days.

Meanwhile, Solana’s smart contract token SOL has fallen 41% against the US dollar over the past week. Among the top 10 smart contract platform tokens, SOL had the biggest loss last week.

Two other tokens that have suffered big losses as well as SOL include Phantasma (SOUL), which is down 35.6% this week, and velas (VLX), which is down 29.6%. Two smart contract tokens won this week include qanplatform (QAN), up 368.5%, and secret (SCT), up 29% against the US dollar.

Since October 11, 2022 or 36 days ago, $22 billion has flowed out of the smart contract token economy as the market cap has fallen from $283 billion to $261 billion today. When it comes to defi platforms, the top defi protocols also left great value over the past week.

The defi locked total (TVL) is the lowest since March 2021. His TVL on defi is $43.24 billion as of writing on November 16, 2022. Ethereum’s defi dominance accounts for 57.63% of the total amount of $43.24 billion, including a total value of $24.92 billion locked to the blockchain’s defi protocol.

The second largest blockchain on defi TVL is Binance Smart Chain (BSC) with a value of $4.83 billion locked. Tron is in third place, worth 10.11% of the total $43.24 billion, or about $4.33 billion he was locked on November 16.

Makerdao is the largest defi protocol today in terms of TVL for defi protocols as it dominated by 15.47% on Wednesday. Makerdao currently has his TVL of $6.69 billion, followed by liquid staking protocol Lido.

Defi application Lido was locked Wednesday worth $5.92 billion. Makerdao’s TVL is down 13.87% over the past 30 days, while Lido’s is down 0.90% this past month. Weekly stats show that Makerdao has lost 4.70% of him over the past week and Lido has lost 2.54% over the past seven days.

In addition to Makerdao and Lido, this week’s top defi protocols include Aave, Uniswap, Curve, Justlend, and Pancakeswap. Cross-chain bridge trading volume on the last day was his $141.87 million, and over the past seven days the bridge has moved his $1.93 billion.

The top chains in terms of volume are Ethereum, Phantom, Arbitrum, Avalanche, Gnosis and Cero. All cross-chain bridge protocols have seen massive withdrawals in the last 7 days after the FTX collapse.

What are your thoughts on the state of decentralized financial protocols and the $22 billion lost in smart contract tokens in 36 days? Let us know your thoughts on the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.