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Defi's value has dropped to $74 billion, Top Smart Contract Tokens are down almost 70% this year

18 Jun 2022 By : COIN GABBAR
Defi's value has dro

Defi's value has dropped to $74 billion, Top Smart Contract Tokens are down almost 70% this year

The current crypto market collapse has taken a toll on decentralized finance (defi), with total value locked (TVL) across 118 distinct blockchains falling below $100 billion to $74.27 billion today. The TVL in defi is already down more than 70% from its ATH of $253.91 billion on December 2, 2021. Furthermore, the top smart contract platform tokens have lost 70% of their value against the US dollar since December 2021, falling from $823 billion to $245 billion today.
While the value of several cryptocurrencies, including the most valuable crypto asset in terms of market capitalization, BTC, plummeted, smart contract platform tokens and decentralized finance (defi) in general took a huge hit.
While the aftermath from Terra's LUNA and UST fueled the fires, concerns with Celsius, Three Arrows Capital (3AC), and the lack of faith in algorithmic stablecoins have kept the fires burning. Sources reported on how defi and smart contract coins had taken a beating, but there was still $104 billion in value locked up in a variety of defi protocols at the time.
The total value locked in defi is now $74.27 billion, down 70.74 percent from its all-time high on December 2, 2021, 197 days ago. Makerdao, a defi protocol, leads the pack with a TVL of $7.75 billion, accounting for 10.43 percent of the $74.27 billion total.
The total TVL across 118 distinct blockchain networks has declined by 6.03 percent in the last 24 hours. Makerdao's TVL has dropped 15.19 percent in the previous seven days, while Aave, the second-largest protocol in terms of TVL size, has dropped more than 40%.
Today, ETH has the greatest TVL of all the blockchains, with $47.33 billion locked, accounting for 64.18 percent of the total. Binance Smart Chain (BSC) is the second-largest defi blockchain in terms of TVL size, accounting for $6.06 billion, or 8.22% of the $74.27 billion in defi today.
Tron is the third-largest blockchain network by TVL size, accounting for 3.99 billion or 5.42 percent of the total across the 118 networks. According to Dune Analytics measurements, the total value locked in cross-chain bridges from Ethereum has plummeted by more than 60% in the last month.
Since December, the tokens used in defi, smart contract platform currencies, have lost more than 70% of their value. The market valuation of all smart contract platform tokens was $823 billion at the time, and it is now hanging slightly around $245 billion.
ETH is the most valuable smart contract platform token, with a market cap of $131.50 billion out of a total market cap of $245 billion. Over the previous seven days, ETH has dropped 39.3%, and most smart contract tokens have lost a significant amount of value.
In the last seven days, Avalanche (AVAX) has lost 34%, Binance Coin (BNB) has lost 25%, Cardano (ADA) has lost 22.5 percent, and Polkadot (DOT) has lost 20.7 percent, and Solana (SOL) has lost 22.3 percent. Chia (XCH), one of the few smart contract currencies that hasn't dropped in value this week, is up 1.2 percent versus the US dollar.