The smart contract token economy rose 5.6% against the US dollar on Thursday, reaching $332 billion. Additionally, the value locked in decentralized finance (defi) rose to nearly $50 billion, a record not seen since the FTX crash.
Smart Contract Economy and Defi TVL recover
On Thursday, February 2, 2023, the leading smart contract platform coin economy rose to $332.86 billion, an increase of 5.6% in the last 24 hours. Currently, approximately $20.44 billion in global trade volume is paired with smart contract tokens. Of the top ten smart contract crypto assets by market capitalization, polygon (MATIC) led 24-hour gains, up 12% over the past day. Aptos (APT) followed with the second largest gain, jumping a further 10.4% on Thursday.
Polkadot (DOT), chainlink (LINK) and solana (SOL) all saw notable gains in the past day, jumping from a further 6% to 7.1%. Smart contract coins outside of the top ten that saw significant increases include Near Protocol (NEAR), which is up 11.4%, and Fantom (FTM), which is up 17.5% on Thursday. Parsiq (PRQ) was the biggest gainer up 27.7%, while the counterparty (XCP) was the smart contract token’s biggest loser, shedding 9.9% on Thursday.
The value locked in decentralized finance (defi) has also risen and is close to the $50 billion range, at about $49.48 billion. Lido Protocol leads the defi pack, as its total value locked (TVL) today makes up 17.32% of Thursday’s $49 billion.
Lido’s TVL increased 5.79%, and the second largest defi protocol Makerdao jumped 2.97% in 24 hours. Rocket Pool saw one of the largest defi protocol increases in the past day with a 7.38% increase. According to defillama.com statistics, the defi protocol top 20 TVLs have seen double-digit increases in the last 30 days.
Ethereum remains the top chain in decentralized finance today, as its defi protocols dominate total value locked (TVL) by 59.4%. Ethereum is followed by Tron, Binance Smart Chain (BSC), Arbitrum, and Polygon, respectively, in terms of TVL size on Feb 2, 2023.
Changes over the last month show that the top ten blockchains in terms of defi TVL have also seen double-digit increases in TVL. The biggest increase in the last month was the Optimism TVL, which increased 47.41% in the 30-day span. The last time the TVL in defi was this high was in November 2022, just before the FTX cryptocurrency exchange crashed.
What do you think about the performance of the smart contract token market on February 2 and the increase in defi TVL? Share your thoughts in the comment sections below.
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