On December 12/2022: Total value locked (TVL) in decentralized finance (defi) has been fluctuating after falling 25.5% on average from $55.94 billion November 5 to $41.67 Billion today. Additionally, the last 12 month saw a 82.56% drop from around $239 billion December 2021, to the current collective total.
Smart Contract Token Economics Struggle Following Last Month’s FTX Fiasco
The FTX fiasco has had a major influence on decentralized finance (defi), causing total value locked (TVL in defi) to plummet 25.5% in under 40 days. At the time of writing, the TVL in Defi is $41.67 Billion, with a further 1.63% decrease in the past 24 hours.
According to Defillama.com’s metrics, Makerdao is the biggest contributor to the TVL with a value of $6.26 billion and a 15.02% dominance rating against all other defi protocols. However, Makerdao experienced an 8.41% dip in TVL over the past month.
The other top defi protocols based on TVL size are Lido, Aave, Curve, Uniswap, Convex Finance, Justlend, Pancakeswap, Compound Finance?, and Instadapp, respectively. Of all the top ten, Aave saw the biggest monthly decrease with a 15.18% drop in value over the past 30 days.
On the other hand, Convex Finance’s TVL metrics rose by 43.87% in the last month. Ethereum still holds the highest amount of value locked on any blockchain, at $23.98 billion, representing 57.55% of all the defi assets.
Binance Smart Chain (BSC) follows Ethereum with an estimated $4.99 Billion or 12.04% in TVL. Other blockchain networks such as Tron, Arbitrum, Polygon, Avalanche, Optimism, Fantom, Cronos?, and Solana are listed under BSC in terms of total value locked in defi.
Overall, total volume for seven days across all cross-chain bridges was estimated to be $810.67 million on December 12. The total smart contract platform token economy is currently valued at $261 billion, which is 2.3% lower than the 24 hours prior.
In the last two months October 11/2022, The smart contract platform token economic has declined 7.77% against USD, from $283 Billion to $261 Billion today. The largest smart contract cryptocurrency asset, Ethereum, is currently down 1.6% against the US dollar in the past 24 hours.
