Value Locked In Defi Increases By $7 Billion

On June 19th, decentralized finance (DeFi) saw its total value locked (TVL) hit a low of $70 billion. But, the TVL managed to record gains of $7 billion in the last seven days. The TVL within the Ethereum blockchain has recorded an increase of 4.47%. This means that of the total $77.11 billion value, Ethereum’s share is about $48.17 billion, or 62.92%.

Meanwhile, there was also a jump in the TVL of Tron this week, as it saw an increase of 34.85% in the last seven days.

Gains in the past week

In the last week, there was an increase in the TVL statistics of six blockchains out of the top ten, which reached into the double digits. There was a 4.47% jump in Ethereum, a 7.02% rise in BSC, a 34.85% increase in Tron, a 2.81% rise in Avalanche, and a 9.10% increase in Solana, while Cronos advanced by 2.33%.

The largest TVL of a defi protocol was that of Makerdao, which is approximately $7.54 billion, making it about 9.78% of the total. The dominance of Makerdao is followed by other defi protocols like Curve, Convex Finance, Lido, Uniswap, WBTC, Aave, Compound, Justlend, and Pancakeswap, but not in that order.

This past week, there was a 1.76% increase in Makerdao’s TVL, but Tron’s Justlend turned out to be the largest gainer, as it recorded a spike of 90.15%. At the time of writing, its TVL is about $2.79 billion.

Losses in the past week

As far as losses are concerned, there was a 6.7% loss in the blockchain Fantom and the biggest loser in the top ten list was Arbitrum, which saw its TVL fall by 11.01%.

Of the total $77.11 billion, the TVL of decentralized exchanges (DEXs) is around $24.67 billion, while $17.55 belongs to that of Defi lenders and $11.31 billion is associated with 22 defi bridge applications. It is not just blockchains that have recorded a rise in DeFi’s TVL.

There has also been a 5.6% rise in smart contract platform tokens within 24 hours and they have reached $272 billion. There was a 11.3% increase in ethereum (ETH), a 10% rise in BNB, a 1.6% gain in Cardano, Solana advanced by 13.3%, while a 2% increase was seen in Polkadot. Counterparty (XCP) were the biggest gainers in terms of smart contract platform tokens, as they saw a jump of 25.3%.

Cross-chain bridges

There was a 60.4% loss in the total value locked in cross-chain bridges in the last month. The bridge that has the largest TVL is that of Polygon, as it is valued at $3.55 billion. Then come TVLs of Avalance, Near Rainbow, Optimism, and Arbitrum, but not in that order

Cross-chain bridges have various digital assets leveraged, but the five leading ones are USDC, USDT, ETH or WETH, DAI, and WBTC. Protocols that have recorded the worst losses in DeFi this week include Houses of Rome, Piggbank DAO, Jade Protocol, Metavault DAO, and Risk Harbor. As far as increases are concerned, they include OGX, Hermes Defi, Omni Protocol, Strategyx Finance, and Maple.