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
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.
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.
Cross-Chain Bridge TVL Is Still Low, NFT Sales Spike 21% Higher Than Last Week
The second-largest defi protocol, in terms of TVL, is Lido, which saw an increase of around 31.83% this week and has a TVL of around $6.96 billion. In terms of the aggregate $87 billion locked in defi, the funds locked into Ethereum’s defi ecosystem dominate by 64.33% with $55.62 billion. Binance Smart Chain has $6.68 billion or 7.72% of the TVL in defi today and Tron commands 6.8% with $5.88 billion locked.
Cross-chain bridges that help people access decentralized finance protocols have $8.75 billion total value locked today. The cross-chain bridge TVL is down 60.4% during the past month among 11,739 unique addresses. However, blockchain applications like non-fungible tokens (NFTs) have seen increased activity and sales volume. NFT sales volume during the past seven days is up 21.52% higher than the week prior with $182.96 million in sales.
What do you think about the current state of decentralized finance and the smart contract token economy? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
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