Smart contract platform tokens and decentralized finance (defi) protocols have taken a beating since the FTX collapse last week. The market capitalization of all the smart contract platform tokens in existence lost more than $22 billion during the last 36 days. The total value locked (TVL) in defi protocols has dropped to $43 billion, the lowest defi TVL since the first week of March 2021.
Smart Contract Tokens and Defi Protocols See Significant Value Reductions Since FTX’s Collapse
Decentralized finance and smart contract platform tokens have suffered a great deal during the last week, following the FTX fallout. Today, smart contract platform tokens are much lower in value, as a large number of coins shed 8% to over 20% during the last seven days.
Solana’s smart contract token SOL, on the other hand, lost 41% against the U.S. dollar during the past week. Out of the top ten smart contract platform tokens, SOL was the biggest loser over the last week.
Two tokens that saw significant losses similar to SOL’s include phantasma (SOUL) down 35.6% and velas (VLX) down 29.6% this week. Two smart contract tokens that gained this week include qanplatform (QAN) up 368.5% and secret (SCT), which gained 29% against the U.S. dollar.
Since Oct. 11, 2022, or 36 days ago, $22 billion has left the smart contract token economy, as the market cap has dropped from $283 billion to today’s $261 billion. In regard to defi platforms, a great amount of value has left the top defi protocols during the past week as well.
The total value locked (TVL) in defi is at the lowest point since March 2021. At the time of writing on Nov. 16, 2022, the TVL in defi is $43.24 billion. Ethereum’s defi dominance represents 57.63% of the $43.24 billion aggregate with $24.92 billion total value locked on the blockchain’s defi protocols.
The second-largest blockchain in terms of defi TVL is the Binance Smart Chain (BSC) with $4.83 billion in value locked. Tron is in third place with 10.11% of the aggregate $43.24 billion or roughly $4.33 billion in value locked on Nov. 16.
Makerdao is the largest defi protocol today in terms of TVL in defi protocols, as…
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