The value locked in decentralized finance (defi) has dropped 21.22% since January 4, 2022. At the time, the total value locked (TVL) in defi was $255.84 billion and today, the TVL is around $201.55 billion.
TVL in Defi Loses $54 Billion in 2 Weeks
While digital currency markets shed significant value during the last two weeks, the value locked in decentralized finance has also dropped considerably. Since the first week of January, the TVL in defi shed $54.29 billion in value.
Today, the TVL in defi is $201.55 billion which is down 1.19% over the last 24 hours. While defi has seen a significant dip in value, overall it has more than doubled its share of the crypto economy.
Since the start of 2021, the share of defi in the crypto economy has “more than doubled from 2.8% to an all-time high of 6.5%,” according to stats from Coingecko.com’s annual crypto report.
At the time of writing, the defi protocol Curve Finance has a dominance rating of 9.69% of the $201 billion locked. Curve is active on eight different blockchains and has a TVL of around $19.53 billion. Metrics show Curve’s TVL is down 16.34% over the last seven days. Curve is followed by Makerdao, Convex Finance, Aave, and WBTC, respectively, in terms of total value locked.
Ethereum Defi Dominance Still Reigns, Fantom’s TVL Jumps 59%
While the TVL in defi today is $201 billion, the value locked in Ethereum is $119.04 billion. Ethereum’s TVL represents 59.06% of the aggregate TVL across all defi protocols on Sunday morning (EST).
Terra’s blockchain commands $16.94 billion, followed by Binance Smart Chain’s $12.22 billion. Fantom commands the fourth largest position in terms of TVL held by a specific blockchain with $12.06 billion today.
Avalanche holds the fifth-largest position with $8.62 billion TVL and Solana commands the sixth top spot with $8.12 billion. Terra’s largest defi protocol is the application Anchor, BSC’s biggest is Pancakeswap, and Fantom’s is the Multichain protocol.
Avalanche’s biggest defi protocol on Sunday is Aave and Solana’s is the application Serum. While most blockchains shed value this past week, Fantom’s TVL jumped 59.61% and Heco’s TVL spiked by 52.77% in seven days.
What do you think about the latest action in the world of decentralized finance? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Cryptox.trade does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
