Crypto market crashes as total value locked in Defi falls below $50 billion – Defi Bitcoin News

by James · February 25, 2023

Crypto market crashes as total value locked in Defi falls below billion – Defi Bitcoin News

The crypto market falls as the total value locked in Defi drops below $50 billion

The value of the crypto market has started to slide again after a bullish run for the past seven weeks. The total value locked (TVL) in decentralized finance (defi) has fallen below $50 billion to $49.8 billion. TVL in defi has fallen by 2.24% in the last 24 hours. During the same time frame, the top smart contract token economy lost 3.7% against the US dollar.

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Smart Contract Token Economy and value locked in Defi Dip

Cryptocurrency prices are down this weekend, affecting the values of smart contract tokens and the total value locked in defi. At the time of writing, the smart contract token economy is valued at $326.11 billion, but has fallen 3.7% over the past day. In the last week, ethereum (ETH) has lost 5.6% against the dollar, and polygon (MATIC) has fallen 17.6% in value.

Currently, TVL in defi today is $49.8 billion, with 18.03% of this value sitting in the Lido liquid staking protocol. The value locked in Lido today is around $8.75 billion, up 8.43% in the last month. Makerdao, Curve, Aave, Convex Finance, Uniswap, Justlend, Pancakeswap, Instadapp and Compound Finance follow Lido in order. Besides Lido’s 8.43% rise, Uniswap had the second largest 30-day gain of 6.43%.

As of February 25, 2023, Ethereum has the largest TVL of all blockchains, dominating at 58.45%. Tron follows with 10.64%, Binance Smart Chain (BSC) with 10.01%, Arbitrum with 3.89% and Polygon with 2.36%. All five of these blockchains capture 85.35% of the combined value locked in decentralized finance on Saturday. Of the top ten blockchains in terms of TVL size, only Arbitrum saw increases, with TVL rising 9.39% last week and 60.87% over the past month.

Among the top ten smart contract coins, Polygon had the biggest drop this week, down 17.6%. In terms of the entire smart contract token economy, the biggest gainer this week was stacker (STX), which rose 102.5%. The second biggest smart contract coin gainer was kylin network (KYL), which rose 69.1% against the dollar. The two biggest losers over the last seven days in terms of smart contract tokens were astar (ASTR), which lost 26.2%, and the shiden network, which lost 23.9% this week.

Tags in this story

Aave, Arbitrum, ASTAR, Binance Smart Chain, Blockchain, Compound Finance, convex finance, Crypto, Cryptocurrency, Curve, decentralized finance, DeFi, ETH, Ethereum, Instadapp, Justlend, KYL, Lido, makerdao, market analysis, market trends, market volatility, Pancakeswap, Polygon, hidden network, smart contract economy, Smart Contracts, Stacks, STX, Tokens, tron, uniswap

What do you think caused the recent fall in cryptocurrency prices and how do you think it will affect the future of decentralized financial markets? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.