Smart contract tokens and the decentralized finance economy have been surging over the last month, gaining ground against the U.S. dollar. The market capitalization of the smart contract platform token economy has swelled by $78 billion in the past 30 days, increasing from $243 billion to the current $321 billion.
Additionally, the total value locked in decentralized finance (defi) increased by $5.39 billion during the same time frame.
Smart contract tokens see double-digit growth led by Oneledger, Harmony, and Waves
It’s been a rough crypto winter, to say the least, with crypto assets taking a heavy hit following multiple insolvencies and bankruptcies within the industry. The most recent and one of the saddest blowouts last year occurred 67 days ago when FTX was found to be insolvent and the company filed for bankruptcy protection on November 11, 2022. The crypto economy has been hammered over the past two weeks from November to December, with the lackluster market performance during the year-end holidays making matters worse.
About 30 days ago, on December 18, 2022, the smart contract token economy was worth $243 billion, and a large number of tokens lost value. For example, Ethereum (ETH) fell 6.1% this week and Cardano (ADA) fell 14.4%.
All 10 leading smart contract tokens are down double digits against the dollar this week. But over the last month, the smart contract platform token economy has grown by $78 billion, and as of January 17, 2023, the entire economy is worth $321 billion.
Total value locked in decentralized finance increased by $5.39 billion in one month
Smart contract tokens that have seen significant movement over the past week include oneledger (OLT), harmony (ONE), waves (WAVES), solana (SOL), fantom (FTM), and avalanche (AVAX). The aforementioned smart contract tokens have gained between 37.2% and 53.7% in value against the U.S. dollar over the seven-day period. Other notable smart contract coin winners this week include holo (HOT), ronin (RON), parsiq (PRQ), and immutable x (IMX). The rise in smart contract tokens over the last month has also boosted the development of decentralized finance.
Total value locked (TVL) in decentralized finance (defi) on January 17, 2023, according to defillama.com statistics.
According to DeFi statistics, the total value locked (TVL) in DeFi increased by $5.39 billion from December 18, 2022 to January 17, 2023, or 30 days. At that time, 30 days ago, the TVL of DeFi was about $39.9 billion, and it has since grown to $45.29 billion. The largest and most dominant DeFi protocol on January 17 was the liquidity staking solution Lido.
DeFi protocol Lido has a total TVL of approximately $7.81 billion, accounting for 17.2% of the $45.29 billion TVL. Much of Lido’s gains are due to Ether’s 20.6% gain against the dollar. The same is true for the entire DeFi TVL, as growth is highly correlated with the double-digit gains that smart contract tokens have accumulated over the last month.
