Home
News
- DeFi TVL witnessed a more than 5% slip as the crypto market nosedive this weekend
- Protocols like Uniswap, PancakeSwap, CurveDAO, 1Inch, and SushiSwap have lost upto 24% in value, over the last seven days
- Crosschain Bridges have also declined by more than 26% over the past month
DeFi is the most hot and risky industry that also has the potential to disrupt our traditional financial world. Since the beginning of this year, as the crypto industry managed to garner mainstream attention globally, the decentralized sector also witnessed notable growth. According to data from DeFiPulse, the total value locked (TVL) in the industry surged from $25 billion to $110 billion. However, as recently the crypto market shed a lot of blood, the TVL in DeFi slipped by more than 5% in just 24-hours.
DeFi TVL drops as crypto market plunges
Although the DeFi industry was on a rise despite the performance of the cryptocurrency market, it seems the scenario is turning. Since mid-November TVL in the industry has slid from $257 billion to approx $250 billion. It is worth noting that this weekend, the industry lost more than 5% following the crypto market’s massacre.
Notably, protocols like Uniswap, PancakeSwap, CurveDAO, 1Inch, and SushiSwap have lost upto 24% in value, over the last seven days. At press time, protocols across a myriad of blockchains has about $250 billion in TVL. Still, Curve Finance is dominating most of the TVLs listed with more than 8% as per DeFiLlama.
TVL in Ethereum is more than other chains
In the current scenario, the total TVL in different blockchains is more than $252 billion. Ethereum, the second most popular blockchain network globally, has been dominating the sectors with about 65% of the total TVL. In contrast, Binance Smart Chain (BSC) has been dominating with only 6%. Whereas, Terra has a DeFi TVL dominance of only 5% TVL per blockchain that shows Ether commands $164 billion which was notably down from above $250 billion on Sunday.
Rebase and AMM protocols slide
In the DeFi market we have observed that Crosschain Bridges have also declined by more than 26% over the past month. According to data from CoinGecko, the total market capitalization of the top Automated Market Makers, Uniswap (UNI) has lost more than 15%.Notably, the protocol has been followed by PancakeSwap (CAKE), Curve DAO Token (CRV), 1Inch (1INCH), SushiSwap (SUSHI), and Bancor (BNT).
On the other hand, the rebase tokens have also dipped by more than 5% over the similar period. Protocols including Olympus (OHM), Wonderland (TIME), Klima DAO (KLIMA), and Ampleforth (AMPL) have shed their value by more than 17%, 18%, 50.5%, and 17.5% respectively.
