Value of Defi Drops Below $50 Billion Nine Days After Peak – Defi Crypto News


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

Weekly Losses for 18 of the Top Defi Protocols

The crypto asset markets have observed volatility in the past seven days, and on Sunday, April 23, the total value locked (TVL) in defi descended below $50 billion, settling at $48.78 billion. Presently, Lido is the largest defi protocol in terms of TVL, holding $11.64 billion, or 23.85% of the total value locked in defi. Despite its weekly decrease, Lido’s TVL has still increased by 9.92% over the past 30 days.

Value Locked in Defi Descends Below $50B Range 9 Days After 2023 High
April 23, 2023 stats.

Only two out of the top 20 defi protocols saw TVL gains in the past seven days, according to stats. Juststables and Venus led the pack, whereas Aura was the worst performer with a 18.29% decrease in its TVL. Of the $48.78 billion locked in defi today, more than 58% is on the Ethereum network, with $28.68 billion spread across 752 ETH-based defi protocols. Other major blockchains in terms of TVL include 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 declined this weekend, the cumulative market cap of the top smart contract tokens has increased by 2% over the past 24 hours to reach $369 billion. Nine out of the top ten smart contract tokens have recorded weekly losses against the U.S. dollar, with the exception of Tron, which has risen by 1.1%. Ethereum’s market cap accounts for $225.99 billion, BNB’s valuation stands at $52.23 billion, and Cardano holds a market cap of $13.74 billion.

Notable defi protocols that recorded 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 seen increased gains over the past month include Lodestar Finance, Bonsai Strike, and Algomint. A few defi protocols, such as Bourbon DAO, Soluna, and Angel Protocol, have 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.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist based in Florida. Redman has been a part of the cryptocurrency community since 2011 and is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, he has written more than 6,000 articles for News about disruptive protocols emerging today.

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