Smart contract tokens and the decentralized financial economy have skyrocketed over the past month, gaining against the US dollar. The market capitalization of the smart contract platform token economy has increased by $78 billion in the last 30 days, rising from $243 billion to the current $321 billion. Additionally, the total value locked in decentralized finance (defi) has increased by $5.39 billion in the same time period.
Smart contract tokens see double-digit gains, led by Oneledger, Harmony, and Waves
It has been a harsh crypto winter to say the least, and after numerous insolvencies and bankruptcies within the industry, crypto assets have been hit hard. The latest and one of the most tragic outbursts of the past year took place 67 days ago when FTX was found to be insolvent and the company filed for bankruptcy on November 11, 2022. The crypto economy has taken a beating over the past two weeks. from November to December, and lackluster holiday market action at the end of the year made matters worse.
About 30 days ago, on December 18, 2022, the smart contract token economy was worth $243 billion, and a large number of coins lost considerable value. ethereal (ETH), for example, was down 6.1% that week, and cardano (ADA) decreased by 14.4%.
The top ten smart contract coins that week were down double digits against the US dollar. But over the past month, the smart contract platform’s token economy grew $78 billion, and as of January 17, 2023, the entire lot is worth $321 billion.
Total value locked in decentralized finance increases by $5.39 billion in one month
Smart contract tokens Major moves that have made in the past week include oneledger (OLT), harmony (ONE), olas (WAVES), solana (SOL), fantom (FTM) and avalanche (AVAX). The aforementioned smart contract tokens rose 37.2% to 53.7% in value against the US dollar in seven days. Other notable smart contract coin gainers this week include holo (HOT), ronin (RON), parsiq (PRQ), and immutable x (IMX). The rise in smart contract tokens over the past month has also boosted decentralized finance statistics.
Now, final statistics show that from December 18, 2022 to January 17, 2023, or 30 days, the total value locked (TVL) in defi increased by $5.39 billion. At that time, 30 days ago, the TVL in defi was around 39.900 million dollars and since then it has grown to 45.290 million dollars. The largest and most dominant defi protocol on Jan 17 is the Lido liquid staking solution.
The defined protocol Swimming pool it has a total TVL size of about $7.81 billion or 17.2% of the $45.29 billion TVL. Most of Lido’s rise is due to ether’s 20.6% rise against the US dollar. The same can be said about the entire defi TVL, as the growth is highly correlated with the double-digit gains that smart contract tokens have racked up over the past month.
What do you think is driving the recent growth in the smart contract token and the defi economy? Share your thoughts in the comments below.
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