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Value Locked in Defi Grows 7% in 5 Days – Harmony’s Horizon Bridge Wins $100 Million – Defi Bitcoin News

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While cryptocurrency prices have seen a rebound over the past few days, total value locked (TVL) across the entire decentralized finance (defi) ecosystem has also improved. TVL in defi has increased by 7.19% since June 20, and TVL of defi protocol Makerdao dominated 10.37% this weekend.

Improved TVL Defi, TVL Cross-Chain Bridge Flipped, $100 Million Stolen from Harmony’s Horizon Bridge

Decentralized finance has suffered from the recent crypto bloodbath following the most recent Terra, Federal Reserve blockchain failure. interest rate increaseand the alleged financial problems around Poison and Three capital arrows (3AC). On June 17, Bitcoin.com News report in the bear market negatively affected defi and three days later TVL in defi fell to a low of $71.98 billion.

Since then, there has been a 7.19% increase when TVL grew from $71.98 billion to $77.16 billion today. Makerdao protocol has the largest TVL among all defi projects and dominates 10.37% this weekend with $8 billion TVL.

Value locked in Defi increased by 7% in 5 days - Harmony Horizon Bridge earns $100 million

Makerdao’s TVL has grown by 6.89% in the past seven days. The second largest defi protocol in terms of TVL size is Aave, with $6.59 billion, and Aave recorded a 27.13% increase over the course of the week. As far as blockchain TVL distribution is concerned, Ethereum accounts for 63.98% with $49 billion TVL.

Binance Smart Chain (BSC) is TVL’s second largest chain with 7.85% or $6.01 billion locked. After the market capitalization of the top smart contract tokens hit $245 billion last week, the market capitalization has grown to $280 billion, up 1.4% over the past 24 hours.

Ethereum (ETH) rose 12.7% against USD and BSC gained 10.5% in the past week. Solana (SOL) increased 37.1%, avalanche (AVAX) recorded a gain of 32.2%, and polygon (MATIC) increased by more than 50% over a seven-day period.

The stocks with the biggest increase in price in top smart contract token list in the past week are ronin (RON), zilliqa (ZIL) and polygon (MATIC). While smart contract tokens have some gains this week and TVL is improving, TVL in the cross-chain bridge sector is down 60.4% over the past 30 days.

At the time of this writing, the TVL cross-chain bridge across 16 different protocols is worth $11.77 billion. Polygon commands the largest cross-chain bridge TVL with $3.6 billion locked on June 25.

Meanwhile, the defi ecosystem has seen a few hiccups in the past seven days because of Convex Finance ask user to review approvals while assessing “potential UI issues”. In addition, Harmony’s cross-chain bridge lost 100 million dollars in a burglary that took place on June 23.

“Note that this does not affect untrustworthy people [bitcoin] bridge; Its funds and assets stored on decentralized vaults remain safe at this time,” the Harmony team wrote about the situation. “We have also notified exchanges and stopped the Horizon Bridge to prevent further transactions. The team is all available as investigations continue. “

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What do you think about the value locked in defi improvement and the increase in smart contract tokens seen over the past week? Let us know what you think in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about the groundbreaking protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

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I am passionate about journalism and using new technology to spread news. I am also interested in politics and economics, and I am always looking for ways to make a difference in the world. I am the CEO of Janaseva News, and I am 24 years old.

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