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Value Locked In DEFI Erased $55B, ETH Dominance Lost 14%

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The value locked in DEFI erased $55 billion in two months while the ETH dominance lost 14% as we can see further in today’s latest cryptocurrency news today.

The crypto economy was sliding in value during the past two days with the current market valuation for 13,000 crypto assets is $1.83 trillion while the total value locked in decentralzied finance protocol slipped below the $200 billion mark to $196 billion over the weekend. In the meantime, Ethereum’s dominance is 55.54% of the current TVL held in DEFI with $108.88 billion. The value locked in DEFI drops and ETH lost the decentralized finance dominance.

The value locked in DEFI erased $55 billion from the $251 billion mark to today’s $196 billion which is a drop of around 21.91% in USD value in the past two days. On Sunday, the current tVL increased 0.11% in the past 24 hours with Curve Finance dominating. Curve’s $17.88 billion TVL represents 9.12% of the TVL locked in defi as it increased 0.64% over the past week. Curve is followed by MakerDAO and Convex Finance.

value locked
Value locked in decentralized finance (defi) on Sunday, March 6, 2022.

Ethereum dominates the TVL in DEFI this weekend but about 55.59% according to the data. Back in 2021, the ETH defi dominance was 69% and over the past five months, it shed 14% while Terra holds the second biggest defi TVL with $22.67 billion with more than locked into Anchor protocol. Terra is followed by BSC of $11.71 billion, Avalanche $10.74B, and Fantom $7.69 billion. Solana’s DEFI TVL is $6.83 billion down with more than 5% during the past week.

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There are 381 decentralized exchanges that are holding a combined TVL of $64.65 billion while the data from CoinGecko.com data shows Uniswap V3 as the top dex this weekend with $856.6 million in the past day. Uniswap’s V3 is followed by PancakeSwap $317 million, Curve $155 million, and Asptroport $155 in terms of daily DEX volumes. The top three leading smart contract platform tokens in terms of seven-day gains include WAVES which is up by 51% and WAN jumped by 23.6%.

eth downrtned
ETH trending downwards on the daily chart. Source ETHUSD Tradingview

There is $23.37 billion total value locked in cross-chain bridges to ETH and the leading cross-chain bridge include blockchains like Polygon, Ronin, Fantom, Avalanche, and Arbitrum. There are 25 decentralized finance oracles and Chainlink that dominate the pack while Chainlink secured $52.23 billion in value on 141 protocols.

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