Defi Platforms and Smart Contract Tokens Suffer the Most During the Crypto Market Rout

The value of decentralized finance (defi) protocols and smart contract tokens has suffered greatly while the crypto economy has slid down in value to just under $1.2 trillion against the US dollar. Statistics show that the total value locked in defi has dropped 7.96% since May 18 to roughly $104 billion, while the combined value of all smart contract tokens has dropped 8.2% over the past 24 hours.

Bear market shreds Defi – TVL is down over 7% this month and smart contract coins have lost considerable value since last week

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Defi indicators show that the decentralized financial world has been stagnant since Terra’s UST and LUNA’s fall; 24 days ago, on May 18, Defi’s total value lock (TVL) was about $113 billion, today it is 7.96% lower, hovering just above $104 billion The TVL is.

According to the 30-day index, of the top five defi protocols in terms of TVL size, the TVL index for four of the applications is down significantly. Makerdao occupies the top defi position in terms of TVL size, with $8.82 billion locked up. However, Makerdao’s TVL has dropped 13.23% over the past 30 days.

Curve’s, Aave’s, and Lido’s TVLs likewise dropped 7.21% to 19.74% over the past month, while Uniswap rose 1.92% over the past 30 days. Defill Protocol’s Nord Finance was the biggest loser this month, with its TVL dropping over 71% last month.

Defillama.com indicators show that Ethereum is the top chain in defi, with a total value of $632.3 billion locked in. money held in the ETH-based defi protocol accounts for 60.9% of all value locked in defi today. 97% of the total value. Binance Smart Chain (BSC) is the second largest chain with $7.78 billion TVL and Tron is the third largest with $5.95 billion.

Additionally, the top five smart contract protocol tokens have all dropped significantly in value over the past week with the exception of Cardano (ADAEthereum (ETH) lost 12.4% of its value this week, Binance Coin (BNB) lost 7.9%, Solana (SOL) dropped 9.1%, Polkadot (DOT) lost 12.1%, but Cardano (ADA) managed to gain 1.6% this week increase.

As of this writing, the top smart contract platform coins by market capitalization are worth a combined $327 billion. Last week’s notable smart contract token gainer was Chain Link (LINK), which managed to rise as high as; ADA, which managed to rise as high as

; and the US dollar, which managed to rise as high as

. However, it jumped 8% higher against the USD. The majority of smart contract tokens lost between 2% and over 30% over the past seven days.

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