Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days


16 November 2022 15:26, UTC


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Smart contract platform tokens and decentralized finance (defi) protocols have taken a beating since the FTX collapse last week. The market capitalization of all the smart contract platform tokens in existence lost more than $22 billion during the last 36 days. The total value locked (TVL) in defi protocols has dropped to $43 billion, the lowest defi TVL since the first week of March 2021.

Smart Contract Tokens and Defi Protocols See Significant Value Reductions Since FTX’s Collapse

Decentralized finance and smart contract platform tokens have suffered a great deal during the last week, following the FTX fallout. Today, smart contract platform tokens are much lower in value, as a large number of coins shed 8% to over 20% during the last seven days.

Solana lost more than 41% against the U.S. dollar during the last seven days.

Solana’s smart contract token SOL, on the other hand, lost 41% against the U.S. dollar during the past week. Out of the top ten smart contract platform tokens, SOL was the biggest loser over the last week.

Since Oct. 11, 2022, the smart contract token economy has lost $22 billion as it slid from $283 billion to today’s $261 billion.

Two tokens that saw significant losses similar to SOL’s include phantasma (SOUL) down 35.6% and velas (VLX) down 29.6% this week. Two smart contract tokens that gained this week include qanplatform (QAN) up 368.5% and secret (SCT), which gained 29% against the U.S. dollar.

Since Oct. 11, 2022, or 36 days ago, $22 billion has left the smart contract token economy, as the market cap has dropped from $283 billion to today’s $261 billion. In regard to defi platforms, a great amount of value has left the top defi protocols during the past week as well.

The total value locked (TVL) in defi is at the lowest point since March 2021. At the time of writing on Nov. 16, 2022, the TVL in defi is $43.24 billion. Ethereum’s defi dominance represents 57.63% of the $43.24 billion aggregate with $24.92 billion total value locked on the blockchain’s defi protocols.

The total value locked (TVL) in decentralized finance (defi) protocols has dropped to the lowest point since March 2021.

The second-largest blockchain in terms of defi TVL is the Binance Smart Chain (BSC) with $4.83 billion in value locked. Tron is in third place with 10.11% of the aggregate $43.24 billion or roughly $4.33 billion in value locked on Nov. 16.

Makerdao is the largest defi protocol today in terms of TVL in defi protocols, as it dominates by 15.47% on Wednesday. Makerdao has a $6.69 billion TVL today which is followed by the liquid staking protocol Lido.

The defi application Lido commands $5.92 billion in value locked on Wednesday. Makerdao’s TVL shed 13.87% during the past 30 days, while Lido shed 0.90% this past month. Weekly stats show Makerdao lost 4.70% this past week and Lido lost 2.54% during the last seven days.

Besides Makerdao and Lido, this week’s top defi protocols include Aave, Uniswap, Curve, Justlend, and Pancakeswap. Cross-chain bridges during the last day have seen $141.87 million in volume, and during the last seven days, bridges moved $1.93 billion.

The top chains in terms of volume are Ethereum, Fantom, Arbitrum, Avalanche, Gnosis, and Celo. All of the cross-chain bridge protocols have seen an enormous amount of withdrawals during the past seven days following FTX’s collapse.

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