On Thursday, the smart contract token economy grew 5.6% against a dollar and reached $332 billion. The value of decentralized finance (defi), which has risen to almost $50 billion, is a record that was not reached since the fall of FTX.
Smart Contract Economy and the Defi TVL bounce back
The top smart contract platform coin currency will be launched on Thursday, February 2, 2023 Increasing The market value has risen to $332.86 million, an increase of 5.6% over the past 24 hours. Global trading volume currently stands at $20.44 billion. Polygon (MATIC), the market capitalization leader in smart contract crypto assets, led gains of 12% over the past 24 hours. Aptos (APT), which saw a 10.4% increase on Thursday, followed with the second largest gain.
The last day saw notable gains for Polkadot, chainlink (LINK) and solana (SOL), which all saw a rise of 6% to 7.1%. Near protocol (NEAR) saw significant gains, rising 11.4%, while fantom (FTM) jumped 17.5%. Parsiq (PRQ), which saw a 27.7% gain, was the largest gainer, while counterparty, (XCP), was the biggest loser, losing 9.9% on Thursday.
Decentralized finance (defi), which has a value of approximately $49.48 trillion, has seen its value rise and now stands at $50 billion. Lido Protocol is the leader of defi, with its total value locked (TVL), representing 17.32% today of the $49 Billion on Thursday.
Lido’s TVL rose by 5.79% and Makerdao, the second-largest protocol for defi protocols, jumped 2.97% within 24 hours. Rocket Pool saw a staggering 7.38% increase in defi protocols over the past day. According to defillama.com StatisticsThe top 20 defi protocol TVLs all saw double-digit increases over the past 30 days.
Ethereum is the most popular cryptocurrency Top chain Today, decentralized finance is dominated by Ethereum’s defi protocols. This makes it the largest total value locked (TVL), at 59.4%. Tron, Binance Smart Chain, (BSC), Arbitrum and Polygon are the next three in terms of TVL size as of February 2, 2023.
The top ten blockchains for defi TVL also saw double-digit increases in TVL. Optimism’s TVL saw the largest increase, increasing by 47.41% in the past month. This was just before the collapse of crypto exchange FTX in Nov. 2022.
What did you think of the market performance of smart contract tokens and the rise in defi’s TVL? Please share your views in the comments section below.