The Smart contract token market skyrocketed by 5.6% in the US dollar on Thursday, pushing it to a total of $332 billion. Furthermore, the decentralized finance (defi) value rose to nearly $50 billion, a figure not seen since the FTX crash.
Smart Contract Token Economy Defi Value Recovers
On Thursday, February 2, 2023: The primary smart contract token economy rose to $332.86 billion, an increase of 5.6% in the last 24 hours. The total trading volume is currently about $20.44 trillion, paired with smart contract tokens. Of the top ten smart crypto assets by market cap, Polygon (MATIC) led the 24-hour gains with a jump of 12%, followed by Aptos (APT) with a 10.4% surge on Thursday.
Other notable smart contract tokens included Polkadot (DOT), Chainlink (LINK), and Solana (SOL) with gains ranging from 6 to 7.1%. Outside the top ten, Near Protocol (NEAR), Fantom (FTM), and Parsiq (PRQ) all saw double-digit growth with 11.4%, 17.5%, and 27.7% respectively. The largest loss was Counterparty (XCP) with a 9.9% drop on Thursday.
The defi value, which is the total value locked (TVL), has also increased significantly. The value is now at $49.48 billion. The leading defi protocol is Lido Protocol with 17.32% of the total value locked, followed by Makerdao with 5.79% and Rocket Pool with 2.97% growth in the last 24 hours.
Statistics from Defillama.com show that the top 20 defi protocol TVLs have seen double-digit growth in the past 30 days. The highest increase was in Optimism, which grew 47.41% in the span of 30 days. The last time the defi TVL was this high was in November 2022, just a few days before the FTX crypto exchange crash.
Ethereum is the leading defi chain at the moment, with 59.4% of the defi protocols’ TVLs. It is followed by Tron, Binance Smart Chain (BSC), Arbitrum, and Polygon. As of February 2, 2023, these are their respective TVL measurements.
The past month has seen a double-digit increase in TVL for the top ten blockchains in terms of defi TVL. The greatest increase in the last month was the Optimism TVL, which grew by 47.41% in the span of 30 days.
What do you think about the performance of the smart token market for contract tokens? Is the February 2 surge of defi TVL worth it? Share your thoughts in the comments section below.
