roadrunner Posted June 10, 2023 Share Posted June 10, 2023 The overall value of the crypto economy has dropped by more than 5% against the US dollar in the past 24 hours, with the top smart contract token sector losing more than 8% in the same time frame. The downturn has also affected the decentralized finance (defi) sector, with the total value locked in defi today awfully close to dropping below the $40 billion range after shedding 5.65% in value over the last day. TVL Nears the $40 Billion Range, Three Tokens Record Heavy Losses The total value locked (TVL) in decentralized finance (defi) has decreased by 8.97% from $47.12 billion on June 5 to $42.89 billion on June 10, 2023, at 8:30 a.m. (ET). This loss amounts to approximately $4.23 billion in five days. The majority of these losses occurred during the last day, as the crypto economy and the top smart contract coin sector have seen a steep drop in the last 24 hours. The total market capitalization of the top smart contract token economy is currently $312 billion, but it has lost 8.6% of its value since yesterday. Three tokens, namely cardano (ADA), solana (SOL), and polygon (MATIC) have lost more than 20% of their value since Robinhood announced that it would delist these coins on June 27, 2023. Ethereum accounts for $209 billion of the total market capitalization of $312 billion. The TVL in defi has not been this low since March 12, 2023, when it was at $42.51 billion. The TVL had been above $40 billion since January 8, but it is now awfully close to falling below that level. All of the top ten defi protocols have seen losses in the last 24 hours and seven days. Only Lido Finance has recorded gains in the last 30 days, defillama.com’s defi statistics detail. Coinbase’s Wrapped Staked Ether protocol lost the most this week, with a 10.75% decrease. Instadapp also lost 9.59% in the past seven days. Ethereum’s 814 different defi protocols account for 55.88% of the market share at 8:30 a.m. on Saturday, out of the $42.89 billion locked. Tron is the second largest blockchain in terms of TVL size, with a 12.25% market share. Ethereum and Tron are followed by Binance Smart Chain (BSC), Arbitrum, and Polygon. The three tokens that Robinhood decided to delist have experienced significant losses in terms of TVL over the past seven days. Solana lost the least, shedding 5.99% this week, while Polygon saw a loss of around 14.90%. Cardano’s TVL in defi took the biggest hit, losing 32.57% in the last seven days. If the smart contract token economy continues to lose value, the TVL in defi will follow suit and may fall below the $40 billion mark. However, since the crackdown on centralized crypto exchanges, there has been a significant increase in defi activity and decentralized exchange (dex) trade volumes. The largest dex by trade volume, Uniswap, has benefited the most from the influx of dex trades since the recent U.S. Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. Will the recent downturn in the crypto market be a temporary setback for smart contract tokens and defi, or is it a sign of deeper troubles ahead? Share your thoughts and predictions on the future of the crypto economy and its impact on defi in the comments section below. View the full article Quote Link to comment https://slingbank.com/forums/topic/19400-smart-contract-tokens-and-defi-sector-suffer-steep-losses-threatening-tvl-to-fall-below-40-billion/ Share on other sites More sharing options...
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