Decentralized finance (defi) and smart contract platform tokens On Monday morning (ET), the defi-locked total value crossed the $40 billion zone for the first time since mid-December 2022. Double-digit gains last week.
Lido Finance Emerges as Most Dominant DeFi Protocol, Surpassing Makerdao in TVL Size
3.6% Increase Around 11:00 AM ET Monday to $893 billion. Smart contract platform tokens grew 7.1% to reach $274 billion. This represents approximately 30.68% of the entire crypto economy. Among the top 5 smart contract platform coins, Solana (SOL) posted the largest profit, up 24.2% in 24 hours.
Cardano (ADA) followed, withADA up 11.7% over the previous day. Ethereum (ETH) is up 5.1%,BNB is up 5.5% and Polygon (MATIC) is up 6.7% in 24 hours. Additionally, the top five smart contract assets all saw double-digit growth over the past seven days. Once again, SOL led the pack, up 72.3% over the past week, whileADA were up 28.8% over the same timeframe. Ethereum (ETH) posted its lowest gain in the past seven days compared to its top competitors as the cryptocurrency gained 11.5% this week.
Of course, the rising price of smart contract platform tokens has also led to inflated defi locked total value (TVL). Since mid-December 2022, defi’s TVL has been below his $40 billion range, but surpassed it on January 9, 2023, recovering to about $41.1 billion on Monday. Makerdao was the most dominant defi protocol, but now Lido Finance is the most dominant, with 15.92% of TVL being used in defi. Lido’s TVL is around $6.54 billion, followed by Makerdao with $6.44 billion. Lido and Makerdao are followed by Aave, Curve and Uniswap respectively in TVL size. In terms of TVL size, Ethereum is still the most dominant defi, as $24.61 billion on the
chain accounts for 59.88% of the total locked $41.1 billion. Binance Smart Chain is the second largest TVL with $4.41 billion, Tron is third with $4.13 billion, Polygon is fourth with $1.05 billion and fifth in defi today as far as blockchain is concerned The big one is Arbitrum at $1.03 billion. Over the past day, Defi’s TVL has risen by 2.99%, but TVL still has a long way to go to reach the $178.55 billion high reached in November 2021.
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