Categories: Altcoin News DeFi News News

Total Value Locked in DeFi Smart Contracts Stays Above $60B Despite Ongoing Market Dump

advertisement

Amid the ongoing dip in the broader cryptocurrency market, the decentralized finance (DeFi) ecosystem is wielding a major resilience as the combined Total Value Locked (TVL) on major smart contracts stays above the $60 billion all-time high (ATH) level. 

advertisement

According to data from DeFiPulse, a decentralized finance market aggregator, the TVL in dollar terms have maintained a zig-zag trend in the past 2 days, rising to $61.262 billion on April 16, down to $58.045 billion on April 17th, and back to its current $60.11 billion, despite the encompassing bearish trend in the markets.

 

Decentralized finance lending protocol, Compound (COMP) dominates the DeFi market, as it contributes $10.94 billion, representing 18.20% of the TVL. However, at the time of writing, COMP is down 21.24% to $451.35 according to CoinMarketCap. Other DeFi protocols including Aave (AAVE), Maker (MKR), and SushiSwap (SUSHI) are down 18.09%, 15.62%, and 21.52% respectively. 

These DeFi token dumps are remarkably reflective of Bitcoin’s 11.60% price retracement in the past 24 hours to be trading at $54,298.74 at the time of writing.

advertisement

Bullish Impressions Negates Current Price Dump

The broader cryptocurrency market of which the decentralized finance ecosystem is a subset responds to sentiments, which goes a long way in impacting their outlook. DeFi protocols are taking the center stage of the dynamic innovations in the ongoing financial revolution in the world. While the product offerings currently range from lending, to flash loans, and Automated Market Maker (AMM) trading platforms, DeFi service providers are unrelenting in churning out new innovations to further give traditional finance a deserving competition.

Uniswap, an AMM is set to roll out its next upgrade, the Uniswap V3 protocol on May 5, a system that will arguably place the Decentralized exchange (DEX) as one of the most efficient automated money makers serving cryptocurrency enthusiasts today. Based on this anticipated upgrade, there are projections that Uniswap’s native cryptocurrency, the UNI tokens will likely soar to a new high above $50 following the upgrade.

Besides Uniswap, other smart contracts are jostling for a sizeable market share through competitive service offerings and collaborative ecosystem governance. All of these help to maintain the underlying positive impressions on the DeFi market, and by extension, the potential price breakouts.

 

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

Share

Recent Posts

  • Press Release

Crypto Banter Will Give Away Over $500,000 To 10 Eligible Community Members

Cape Town, South Africa, 8th May, 2021, Banter Bags is a unique project in the…

3 hours ago
  • News
  • Regulation News

Just-In: SEC Chair Gary Gensler Testify on GameStop Trading Saga, Talks About Regulating Crypto Market

SEC chairman Gary Gensler along with several other financial experts testified before the Financial Services…

6 hours ago
  • Altcoin News
  • News

Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest

The world's second-largest cryptocurrency continues its massive journey adding another 7% gains today. A few…

7 hours ago
  • News
  • NFT News

Breaking: LarvaLabs’s Meetbit Collection Exploited to Mint $700,000 NFT Collectible

Larva Labs, a popular NFT developer was at the receiving end of an exploit that…

8 hours ago
  • DeFi News
  • News

BSC Based ValueDefi Exploited For $11M by Scammers

ValueDefi, a Binance Smart Chain based Defi protocol has become the latest protocol on BSC…

9 hours ago
  • Exchange Reviews

FixedFloat Review: The First Bitcoin Lightning Network Compatible Digital Asset Exchange

Despite being one of the youngest cryptocurrency exchanges available, FixedFloat has already established itself as…

9 hours ago