While crypto prices have seen some healing over the past few days, the total value locked (TVL) across the decentralized financial (defi) ecosystem has also improved. defi’s TVL is up 7.19% since June 20 has seen an increase of 7.19% since then, and the defi protocol Makerdao TVL dominated by 10.37% this past weekend.
Defi’s TVL improves, cross-chain bridge TVL drops, $100 million stolen from Harmony’s Horizon Bridge
Decentralized finance has taken a hit from the recent crypto bloodbath following the Terra blockchain fallout, the recent Federal Reserve rate hike, and the alleged financial problems surrounding Celsius and Three Arrows Capital (3AC).On June 17 Bitcoin.com News reported that the bear market was adversely affecting Defi, and three days later, Defi’s TVL fell to a low of $71.9 billion.
Since then, there has been a7.19% increaseand TVL has increased from $71.98 billion to $77.16 billion today. the Makerdao protocol has the largest TVL of all defi projects, with a TVL of $8 billion this weekend It has a 10.37% advantage.
Makerdao’s TVL has increased 6.89% over the past 7 days; the second largest defi protocol in terms of TVL size is Aave at $6.59 billion, with Aave recording a 27.13% increase over the week. In terms of blockchain TVL distribution, Ethereum commanded 63.98% of the TVL at $49 billion.
Binance Smart Chain (BSC) is the second largest chain in TVL, locking in 7.85% or $6.01 billion. After the market capitalization of the top smart contract tokens reached $245 billion last week, it swelled 1.4% to $280 billion in the last 24 hours.
ethereum (ETH) rose 12.7% against the USD, BSC jumped 10.5% over the past week, Solana (SOL) gained 37.1%, avalanche (AVAX) 32.2%, polygon (MATIC) gained 7 day period, up more than 50%.
The highest gains over the past week on theTop Smart Contract Token List were ronin (RON), zilliqa (ZIL), and polygon (MATIC), respectively. Smart contract tokens saw some gains this week, and despite Defi’s TVL improving, the overall TVL in the cross-chain bridge sector is down 60.4% over the past 30 days.
At the time of this writing, the TVL for cross-chain bridges across 16 different protocols is worth $11.77 billion. Polygon commands the largest cross-chain bridge TVL at $3.6 billion locked on June 25.
Meanwhile, the defi ecosystem has experienced some hiccups over the past seven days as Convex Financeasks users to review approvals while it assesses “potential front-end issues.” Additionally, Harmony’s cross-chain bridgelost $100 millionin a theft that took place on June 23.
“Note that this does not affect the Trustless [Bitcoin] Bridge. Its funds and assets are stored in decentralized vaults and are safe at this time.” The Harmony team wrote about the situation.” We have also notified the Exchange and have suspended the Horizon bridge to prevent further trading. The investigation is ongoing and the team is mobilizing all resources.”
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