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Will the DeFi market ever recover?

DeFi
TL;DR Breakdown
  • Will the DeFi market ever recover?
  • The market continues to take a beating
  • Smart contract tokens continue to shed value

The DeFi sector has undergone one of the most tumultuous periods since it became existence judging by the massive reduction in its TVL. According to records, the total value locked in the sector has been beating, dropping to as low as $54 billion. Further details show that this trend has been ongoing in the market over the last few months since March. In terms of domination, MakerDao is presently leading the market with a 13% rise.

DeFi continues to take a beating

According to details of the DeFi market, most platforms carrying out smart contracts in the sector are presently up by less than 1%. The token economy has also beat, registering a value of $296 billion. Although smart contracts assets have been seeing a slight increase, there has been nothing to write home about the market generally. With the entire figure at a little below $50 billion, the highest donor to this figure is Ethereum, with more than $30 billion locked across the protocols.

Aside from Ethereum, Tron is slightly following far back at $5 billion while Binance Smart Chain protocols hold roughly the exact figure. Although Ethereum has been high flying in the last couple of days, its 30-day performance shows that it has lost more than 10% of its TVL.

Smart contracts tokens continue to shed value

Binance Smart Chain and Tron have also lost considerable amounts, with the protocols coming in at 2.5% and 9.7% in the same time frame. With the entire figure placed at a little below $54 billion, MarkerDAO has dominated in the last 24 hours. However, it has also registered a 6% loss in the last 30 days, with Lido seeing a loss of more than 10%. In the last 24 hours, Lido has locked in a little above $5 billion.

Compound Finance, Aave, and Just Lend are a few protocols that have also seen slight gains in the last 24 hours. Although top smart contracts tokens performed woefully, the mid-placed tokens were the star of the show. Rose saw a 21% rise, with Neblio also seeing relative gains above 35%. The report also claimed that Ethereum led the top intelligent contract tokens in losses with about 7% over last week.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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