Value Locked in Defi Climbs Higher, Polkadot TVL Spikes, Terra's LUNA Sheds 21%

DeFi Nov 23, 2022 0 79 Add to Reading List

On Sunday, January 30, 2022, the top smart contract protocol tokens by market capitalization is $592 billion or 32.66% of the $1.8 trillion crypto economy. Meanwhile, the total-value locked (TVL) in decentralized finance (defi) protocols is $192.42 billion up 5.28% since January 23.

Defi TVL Climbs More Than 5%, Ethereum Defi Dominance Still 60%, Cross-Chain Bridge TVL Jumps 13.5%

At the end of the week, crypto asset prices have rebounded from the market carnage that took place seven days ago. During the last week, the top two leading crypto assets bitcoin (BTC) and ethereum (ETH) have gained 7% to 9% in value against the U.S. dollar.

A week ago today, the TVL in defi dropped under the $200 billion mark and hit a low of $182.76 billion on January 23. Since then, the TVL has increased by 5.28% to $192.42 billion, according to Sunday’s defillama.com metrics.

Total-value locked (TVL) in decentralized finance (defi) on January 30, 2022, at 10:00 a.m. (EST).

Curve Finance, which is available on eight different blockchain networks commands a dominance of 9% amid the $192 billion TVL with $17.31 billion locked. Curve’s TVL, however, shed 11.21% in value during the course of the week.

The second-largest defi protocol is Makerdao with $15.81 billion locked and the third-largest is Convex Finance with a $12.03 billion TVL. In terms of TVL by blockchains, Ethereum currently commands $117 billion of the $192 billion TVL in defi today.

The $117 billion locked among 509 Ethereum defi protocols equates to 60.80% of the entire defi TVL on January 30, 2022. Furthermore, Terra’s blockchain has around 17 defi protocols and is the second-largest blockchain, in terms of TVL in defi today.

While Terra has the second-largest defi TVL, the network’s native token LUNA declined significantly during the course of the week shedding 21% in seven days. LUNA/USD chart on January 30, 2022 at 10:00 a.m. (EST).

Terra has $13.17 billion locked and the UST staking protocol Anchor commands 53.38% of Terra’s TVL. Binance Smart Chain (BSC) is holding down the third-largest TVL position with $12.08 billion locked. The BSC defi protocol and decentralized exchange (dex) Pancakeswap’s $4.26 billion captures 35.22% of the TVL in the BSC’s defi platforms.

Fantom (FTM) commands a $9.42 billion TVL on Sunday, which is the fourth largest defi TVL. FTM’s Multichain has a dominance rating of 58.24% of Fantom’s TVL with $5.49 billion. Lastly, the fifth largest defi chain today is Avalanche (AVAX) with a $8.72 billion TVL, and Aave commanding 27.33% of the TVL with $2.38 billion locked.

One of the biggest seven-day gainers in terms of defi TVL held on a blockchain was Polkadot’s (DOT) 47.89% climb. DOT currently has the tenth largest defi TVL with $1.24 billion locked.

Cross-chain bridge TVL rates jumped 13.5% during the last 30 days according to Dune Analytics statistics. At the time of writing on January 30, 2022, there’s $19.95 billion locked into cross-chain bridge platforms with Polygon commanding the top bridge TVL.

Polygon has $5.4 billion today, while the second-largest bridge TVL is Avalanche with $5 billion. Out of the top smart contract protocols by market capitalization, the blockchain token telos (TLOS) saw the largest seven-day gains. The tokens poa network (POA) and terra (LUNA) saw the biggest weekly losses slipping 21.9% (LUNA) and 36.3% (POA).