Defi plunges to 21% in 2 Weeks with TVL as $255.84 Billion

• Since January 4, 2022, the value of decentralized finance (DeFi) has fallen by 21.22 percent.

• The TVL in defi has lost $54.29 billion in value during the first week of January. The total value locked (TVL) in defi last year was $201.55 billion, and it is now about $255.84  billion.

TVL in DeFI lost $54 in Two Weeks

While digital currency markets have lost substantial value in the previous two weeks, the value locked in decentralized finance has also decreased significantly. The TVL in defi has lost $54.29 billion in value during the first week of January.

Today’s TVL in defi is $201.55 billion, down 1.19 percent in the previous 24 hours. Despite a large drop in value, defi has more than doubled its share in the crypto economy.

– Advertisement –

According to data from Coingecko.com’s annual crypto report, the percentage of defi in the crypto economy has “more than doubled from 2.8 percent to an all-time high of 6.5 percent” since the beginning of 2021.

At the time of writing, the decentralized finance protocol Curve Finance commanded 9.69% of the $201 billion locked. Curve operates on eight distinct blockchains and has a TVL of around $19.53 billion. Metrics suggest that Curve’s TVL has dropped 16.34 percent in the previous seven days. In terms of total value locked, Curve is followed by Makerdao, Convex Finance, Aave, and WBTC, in that order.

ALSO READ – COUNTRIES HAVE BANNED CRYPTO AND TIGHTENED THE RULES AROUND IT

Ethereum still rules the market

While the TVL in defi is currently at $201 billion, the value locked in Ethereum is around $119.04 billion. On Sunday morning, Ethereum’s TVL was 59.06 percent of the total TVL across all defi protocols (EST).

Terra’s blockchain is worth $16.94 billion, whereas Binance Smart Chain is worth $12.22 billion. With $12.06 billion in TVL, Fantom currently holds the fourth biggest position in terms of TVL owned by a single blockchain.

Avalanche is the fifth-largest company, with $8.62 billion TVL, while Solana is the sixth-largest, with $8.12 billion. The application Anchor is Terra’s largest defi protocol, Pancakeswap is BSC’s, and Fantom’s is the Multichain protocol.

On Sunday, Avalanche’s best decentralized finance procedure is Aave, while Solana’s is the application Serum. While most blockchains lost value in the preceding week, Fantom’s TVL increased by 59.61 percent and Heco’s TVL increased by 52.77 percent in seven days.