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Value Locked in Defi Descends Below $50B Range 9 Days After 2023 High  

Value Locked in Defi Descends Below $50B Range 9 Days After 2023 High  

The total value locked in decentralized finance (defi) has descended below the $50 billion range after reaching a 2023 high of $53.63 billion on April 14. This shift has been felt across the board with the top 18 defi protocols recording losses during the past seven days, and the largest defi protocol by TVL size, Lido, losing 8.25% over the past week.

18 of the Top Defi Protocols Recorded Weekly Losses

Crypto asset markets have experienced volatility in the past seven days, and on Sunday, April 23, 2023, the total value locked (TVL) in defi dropped below $50 billion, reaching $48.78 billion. Currently, Lido is the largest defi protocol by TVL, with $11.64 billion in TVL, representing 23.85% of the total value locked in defi today. Despite an 8.25% decrease in its TVL this week, 30-day statistics show that Lido’s TVL has increased by 9.92%.

Only two defi protocols out of 20 saw TVL gains this week, with the applications Juststables and Venus leading the pack, according to defillama.com stats. Aura recorded the biggest TVL loss at 18.29%, and Aave lost 14.09% in the past seven days. Out of the $48.78 billion locked in defi today, over 58% of that value is on the Ethereum chain, with $28.68 billion spread across 752 ETH-based defi protocols. Following Ethereum is Tron ($5.29 billion), Binance Smart Chain (BSC) ($4.67 billion), Arbitrum ($2.18 billion), and Polygon ($1.05 billion).

Although the total value in defi has decreased this weekend, the top smart contract token economy has increased by 2% over the past 24 hours to reach $369 billion. However, nine out of the top ten smart contract tokens have experienced weekly declines in value against the U.S. dollar. Tron, on the other hand, has risen by 1.1% over the last week. Out of the $369 billion in value, Ethereum’s market cap accounts for $225.99 billion, BNB’s valuation represents $52.23 billion, and Cardano commands $13.74 billion.

Decentralized finance protocols that saw significant rises in the past seven days include Shade Protocol, Toreus, Spoon Exchange, Flux Protocol, and Dove Swap. The biggest defi losers this week include Atlas Aggregator, Multialt, Sohei, Arbiten, and Bodh Finance. Defi protocols that have recorded increased gains over the past month include Lodestar Finance, Bonsai Strike, and Algomint. Some defi protocols, such as Bourbon DAO, Soluna, and Angel Protocol, experienced significant TVL losses in the last 30 days.

What do you think the future holds for the defi market in light of recent volatility and TVL losses? Share your thoughts about this subject in the comments section below.



from Bitcoin News https://ift.tt/bERCtmA
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