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The ongoing weekend has seen a demise in the trading prices of most of the cryptocurrencies. As a result of the recent downtrend, the values of most of the smart contract tokens have recorded a downtrend.
Similarly, the decentralized finance (DeFi) sector has also taken an impact. This is because the total value locked (TVL) of the DeFi sector has plunged significantly in the ongoing weekend.
The report shows that the smart contract token economy has taken a 3.7% fall in the past 24-hours. Following the dip, the particular economy has dipped to a low of $326.11 billion.
It is Ethereum (ETH) ad Polygon (MATIC) that have recorded significant losses in their values against the dollar.
The second-largest cryptocurrency faced a 5.6% decline while MATIC suffered a huge decline. It reportedly lost to the dollar by declining 17.6% in value.
TVL for DeFi
According to the latest data from the DeFi market, the total value locked on the particular sector is $49.8 billion. The records show that out of the total TVL, a large chunk of it is under the Lido protocol.
The staking protocol of Lido Liquid currently accounts for 18.03% of the TVL in DeFi. As of today, the TVL for the Lido Liquid protocol is $8.75 billion. Compared to the last month, Lido’s TVL has surged significantly.
The report shows that an 8.43% surge has been recorded in the TVL for Lido Liquid.
The rest of the TVL in the DeFi sector is contributed by several major protocols.
Some of the most prominent protocols include Compound Finance, Instadapp, Pancakeswap, Justlend, Uniswap, Convex Finance, Aave, Curve, ad Makerdao.
Among all the protocols, it was the Lido Liquid protocol that recorded the highest surge in TVL accumulation.
The only network that has come close to hitting the second-highest surge in TVL is Uniswap. The protocol’s TVL reportedly grew by 6.43% compared to the past month.
Despite the performance and TVL achieved by the Lido Liquid protocol, it is no match for the Ethereum protocol. Ethereum is also part of the DeFi industry and its TVL is enormous compared to any other network.
The dominance of the Ethereum protocol in the DeFi space in terms of TVL is 58.45%. This means that there is no other network within the DeFi sector that can think about competing with Ethereum given their current conditions.
Tron is also among the top networks with a noticeable dominance in the DeFi market. The TVL of the Tron network currently stands at 10.64%, followed by the Binance Smart Chain (BSC) whose dominance is currently sitting at 10.01%.
Then come the networks such as Arbitrum and Polygon which have their dominance rates residing at 3.89% and 2.36% respectively.
The combined dominance of these five blockchain networks in the DeFi is 85.35%. Out of the major blockchain networks currently residing in the DeFi space, it was only Arbitrum that registered positive gains in terms of TVL.
The overall TVL of the Aribtrum network surged by 9.39% in the past week and in the past month, it reportedly grew by 60.87%.
Polygon’s Demise
When it comes to delivering negative performance, there is no other smart contract coin that has demonstrated the worst performance being among the top 10 than Polygon.
It has recorded the worst decline in its value in the ongoing week. The weekly performance chart of Polygon shows that its value has plunged by 17.6% in the ongoing week.
On the contrary, the top gainer in the smart contract tokens market is Stacks (STX). The value of the asset has recorded a 102.5% surge in the running week.
After Stacks, the token that has become the second top gainer in the smart contracts market is Kylin Network (KYL). The value of the KYL token has been pushed up by 69.1%.
Among the top losers in the smart contracts token economy was Astar and Shiden Network recording 26.2% and 23.9% declines respectively.
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