The value of the DeFi space has taken a beating the past few days as it slipped from $251 billion in total value locked (TVL) in December 2021 to $196 billion on Sunday. This represents a drop of 21.91% within the last two months.
The broader crypto-economy has also recorded a steep plummet over the past 48 hours as the broader crypto market valuation fell to $1.75 trillion on Sunday.
That said, the DeFi protocol TVL rose by 0.11% on March 6, as the market rebounded lightly with Curve Finance leading the pack. With a TVL of $17.88 billion, Curve Finance dominated the DeFi space with 9.12% after gaining 0.64% during the last week.
After Curve comes MakerDAO with $15.15 billion TVL, Lido with $12.79 billion TVL, and Convex Finance with $12.58 billion TVL.
Ethereum Remains King of DeFi TVL
Regardless, Ethereum maintains the top position of DeFi TVL with 55.59% of the total value locked, according to data from defillama.com. That said, this dominance has been on a steady decline for the past few months. On October 15, 2021, ETH DeFi dominance was at 69% and has shed over 14% since then.
After Ethereum comes Terra with the second-largest DeFi TVL with $22.67 billion. In third place is Binance Smart Chain with $11.71 billion, Avalanche with $10.74 billion, and Fantom with $7.69 billion as of Sunday. Meanwhile, Solana’s DeFi TVL is at $6.83 billion after falling by over 5% in the last seven days.
Currently, there are 381 decentralized exchanges (DEX) all holding around $64.65 billion. Data from Coingecko.com shows that Uniswap v3 claimed the highest 24-hour trading volume on Sunday with $856.6 million.
Other top DEXs last weekend includes PancakeSwap with $317 million, Spookyswap with $270 million, Curve with $155 million, and Astroport with $155 million.
Also, the top three smart contract platform tokens based on seven-day gains include Waves (up by 51% this week), Lisk (up by 28.9% this week), and Wanchain (up by 23.6%).
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