While the cryptocurrency economy saw a significant uptick in performance during the first week of October, a number of decentralized finance (defi) coins saw massive gains. Furthermore, total booked value rose to $195 billion, having jumped more than 14% over the past two weeks from $171 billion.
Defi Tokens Skyrocket, Dapps Total Reserved Value Grows to $195 Billion, Axie Infinity, Shiba Inu See Highest Gains
Cryptocurrency markets of all kinds are seeing some gains this week and smart-contract coins and tokens have seen significant gains over the past seven days. Weekly metrics show that crypto assets like QTUM are up 42%, Terra (LUNA) is up 37%, Binance Coin (BNB) is up 23%, and Solana (SOL) is up 22%.
Other notable seven-day winners include tokens such as arweave (AR), DYDX, hedera (HBAR), and vechain (VET). Among the big gainers this week are AXS which is up 119.8%, and Shiba Inu (SHIB) which is up 92.3% over the past seven days. Meanwhile, the total value withheld (TVL) in Challenge Protocols today is about $195 billion, an increase of more than 14% since September 18.
The challenge protocol curve has the greatest dominance at the time of writing with 7.52% of TVL. At the time of writing, Curve owns approximately $14.71 billion of TVL followed by Aave Protocol with a value of $14.65 billion. While five chains are compatible with Curve, only three blockchains can connect to Aave.
Ethereum captures 69% of Defi TVL, while Alt chains control almost 26%
Ethereum (ETH) continues to command the most money in terms of TVL for various blockchains with $135.05 billion today, or 69.2% of Defi’s total total value locked out. Binance Smart Chain (BSC) TVL metrics show around $17.03 billion. The TVL of the BSC protocol represents only 12.59% of the total value locked on the ETH blockchain.
BSC is followed by chains such as Solana ($11.5 billion), Terra ($10.07 billion), Polygon ($4.6 billion), Avalanche ($4 billion), Fantom ($2.31 billion) and Waves ($1.85 billion) respectively. Between Waves TVL and Binance Smart Chain TVL, the seven blockchain holds 26.15% of $195 billion.
Currently, Curve is the best decentralized exchange (dex) according to the defillama.com dashboard and is followed by Curve Sushiswap, Pancakeswap, Uniswap, Balancer and Saber respectively.
Three of the dex platforms mentioned above (Sabre, Pancakeswap, and Uniswap) are all single-chain dex implementations, while Curve connects to five cryptographic networks. Sushiswap is compatible with 13 blockchains, and Balancer is connected to three chains.
What do you think of the growing activities associated with decentralized finance (challenge) space? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wiki Commons, defillama.com
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