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Tuesday, May 30, 2023

Crypto Market Slides as Total Value Locked in Defi Falls Below $50 Billion Mark

Crypto Market Slides as Total Value Locked in Defi Falls Below $50 Billion Mark – This weekend’s decline in cryptocurrency prices has an impact on the values of smart contract tokens and the overall value locked in defi. The smart contract token economy is currently valued at $326.11 billion, although it has decreased 3.7% during the last day. In the past week, the value of polygon (MATIC) has decreased by 17.6%, while ethereum (ETH) has lost 5.6% of its value relative to the greenback.

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The TVL in Defi is currently $49.8 billion, and 18.03 percent of its value is held through the Lido liquid staking protocol. Now, Lido is estimated to be worth $8.75 billion, an increase of 8.43% over the month. Makerdao, Curve, Aave, Convex Finance, Uniswap, Justlend, Pancakeswap, Instadapp, and Compound Finance follow Lido in order. Uniswap had the second-largest 30-day increase after Lido, rising 8.43%, with 6.43%.

At a margin of 58.45% as of February 25, 2023, Ethereum has the largest TVL of all the blockchains. Tron is in second place with 10.64%, followed by Binance Smart Chain (BSC), 10.01%, Arbitrum, 3.89%, and Polygon, 2.36%. A total of 85.35% of the total value locked in decentralized finance on Saturday is captured by all five of these blockchains. Only Arbitrum experienced increases among the top ten blockchains in terms of TVL size, with the TVL increasing by 9.39% last week and 60.87% over the previous month.

The largest decline this week among the top ten smart contract coins was experienced by Polygon, at 17.6%. Stacks (STX), which rose 102.5%, was the greatest gainer this week in terms of the overall smart contract token economy. Kylin Network (KYL), which increased 69.1% against the dollar, was the second-largest smart contract coin gainer. Astar (ASTR), which dropped 26.2% during the last week, and Shiden Network, which lost 23.9%, were the two biggest losses among smart contract tokens.


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