The top smart contract platform tokens by market capitalization and the total value locked (TVL) in decentralized finance (defi) have swelled significantly in value during the last few days. Since the value locked in defi reached a 2022 low of $70 billion on June 19, the defi ecosystem’s entire TVL has grown by more than $17 billion. Meanwhile, the two smart contract tokens ethereum and ethereum classic saw their fiat values rise during the last seven days, as the two coins led the pack this week with double-digit gains.
Defi and Smart Contract Crypto Assets Rise Higher in Value During the Last Week
Money is seemingly flowing back into the smart contract platform token economy and the total value locked in defi. At the time of writing, the top smart contract platform tokens by market capitalization are now worth $336 billion, up 6.9% during the last 24 hours.
The native crypto tokens stemming from Ethereum (ETH) and sister network Ethereum Classic (ETC) rose significantly during the last seven days capturing double-digit gains. It is assumed that the pencilled-in date for The Merge, the transition from proof-of-work (PoW) to proof-of-stake (PoS), has bolstered the price of both crypto tokens.
While ethereum has jumped 33.9% during the last week, ethereum classic jumped 73.9%. With The Merge, Ethereum will be a full PoS system and PoW miners will be forced to mine another crypto asset that uses the Ethash algorithm, which is ETC. Amid the gains recorded by ETC and ETH, a number of other smart contract digital currencies spiked in fiat value.
BNB jumped 12.3%, cardano (ADA) is up 12.8%, and solana (SOL) increased by 14.7%. Against the U.S. dollar, polkadot (DOT) gained 13.7%, polygon (MATIC) increased by 24.4%, and avalanche (AVAX) is up 24.6% this week. Tron (TRX), however, has not seen gains like its competitors as it has only increased by 1.5% during the last seven days.
The value locked in defi today across numerous blockchains is $87.02 billion and the TVL increased by 2.87% in 24 hours. That’s $17 billion higher than the TVL low recorded on June 19, and Makerdao dominates the $87.02 billion by 9.89% today. Makerdao’s TVL increased 10.7% this week and is currently valued at $8.61 billion.
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