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The value locked in decentralized finance (defi) has dropped by 21.22% since January 4, 2022. At the time, the total value locked in defi (TVL) was $255.84 billion, and today, TVL is around $201.55 billion.
TVL in Defi loses $54 billion in 2 weeks
While the digital currency market has depreciated significantly over the past two weeks, the value locked in decentralized finance has also fallen sharply. Since the first week of January, defi’s TVL value has shrunk by $54.29 billion.
Today, TVL in defi is $201.55 billion Down 1.19% in the past 24 hours. While Defi’s value has dropped significantly, overall, its share of the crypto economy has more than doubled.
According to statistics from Coingecko.com, since the beginning of 2021, defi’s share of the crypto economy has “more than doubled from 2.8% to an all-time high of 6.5%” Annual Crypto Report.
At the time of writing, the dominance of the defi protocol Curve Finance in the $201 billion locked is 9.69%. Curve is active on eight different blockchains with a TVL of around $19.53 billion. The metrics show that Curve’s TVL has dropped by 16.34% over the past seven days. In terms of total value locked, Curve is followed by Makerdao, Convex Finance, Aave, and WBTC.
Ethereum Defi Dominance Remains Dominant, 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 accounted for 59.06% of the total TVL of all Defi protocols on Sunday morning (EST).
Terra’s blockchain is worth $16.94 billion, followed by Binance Smart Chain at $12.22 billion. Fantom ranks fourth with $12.06 billion in blockchain-specific TVL holdings.
Avalanche was fifth with $8.62 billion in TVL, while Solana was sixth with $8.12 billion. Terra’s largest defi protocol is the application Anchor, BSC’s largest is Pancakeswap, and Fantom is the Multichain protocol.
Avalanche’s biggest defi protocol on Sunday is Aave and Solana is the app Serum. While most blockchains have depreciated in value over the past week, Fantom’s TVL jumped 59.61% and Heco’s TVL surged 52.77% in 7 days.
What do you think of the latest moves in the decentralized finance space? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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