Defi’s value has dropped to $74 billion, and the top smart contract tokens have dropped by more than 70% this year


The current crypto market rout has taken a toll on decentralized finance (defi), with total value locked (TVL) across 118 distinct blockchains falling below $100 billion to $74.27 billion. The TVL in defi is already down more than 70% from its all-time high (ATH) of $253.91 billion on December 2, 2021. Furthermore, the top smart contract platform tokens have lost 70% of their value against the US dollar since December 2021, falling from $823 billion to $245 billion today.

The Market Carnage Continues to Hit Defi, and Top Smart Contract Platform Tokens Suffer Significant Losses

While the value of many cryptocurrencies, including the biggest crypto asset in market valuation, bitcoin (BTC), plummeted, smart contract platform tokens and decentralized finance (defi) in general suffered greatly.

While Terra’s LUNA and UST debacles fueled the fire, concerns with Celsius, Three Arrows Capital (3AC), and a lack of trust in algorithmic stablecoins have kept the conflagration going. Six days ago, reported on how defi and smart contract coins had taken big hits, even though there was still $104 billion in value locked up in a slew of defi protocols.

Today, the total value locked (TVL) in defi is $74.27 billion, a decrease of 70.74 percent from the all-time high on December 2, 2021. Makerdao, a defi protocol, leads the pack with 10.43 percent of the application’s TVL of $7.75 billion out of $74.27 billion.

The total TVL across 118 distinct blockchain networks has declined by 6.03 percent in the last 24 hours. Makerdao’s TVL fell 15.19 percent in the last seven days, while Aave, the second-largest protocol in terms of TVL size, fell more than 40 percent.

Today, ethereum has the greatest TVL amount of any blockchain, commanding $47.33 billion, or 64.18 percent of the total locked. Binance Smart Chain (BSC) is the second-largest defi blockchain in TVL size, accounting for $6.06 billion, or 8.22 percent of the $74.27 billion locked in defi today.

Tron is the third-largest blockchain network by TVL size, accounting for 3.99 billion, or 5.42 percent of the total locked across the 118 networks. Furthermore, according to Dune Analytics measures, the total value locked in Ethereum cross-chain bridges has plummeted by more than 60% in the last month.

Since December, the tokens used in defi, smart contract platform coins, have lost more than 70% of their value. The market cap of all smart contract platform tokens was $823 billion at the time, which is now hanging slightly above $245 billion.

Dune Analytics data

Ethereum (ETH) is the most valuable smart contract platform token, with a market cap of $131.50 billion out of a total market cap of $245 billion. However, over the previous seven days, ETH has dropped 39.3%, and most smart contract tokens have lost significant value.

In seven days, Avalanche (AVAX) fell 34%, Binance Coin (BNB) fell 25%, Cardano (ADA) fell 22.5 percent, and Polkadot (DOT) fell 20.7 percent, and Solana (SOL) fell 22.3 percent. Chia (XCH) is one of the only smart contract coins that has not dropped in value this week, rising by 1.2 percent versus the US dollar.


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