Home / Cardano News /Binance And Paxos-Backed Stablecoin BUSD's Market Cap Climbs 22% In 2 Months

Binance And Paxos-Backed Stablecoin BUSD's Market Cap Climbs 22% In 2 Months

22 Oct 2022

During the last 125 days or roughly four months, the total value locked (TVL) in decentralized finance (defi) has been range bound within the $50 billion to $65 billion region. The TVL in defi has shed significant value during the past six months as it dropped from $161 billion on April 1, down more than 67% lower to today’s $51.72 billion.

Defi action has subsided a great deal in terms of the total value locked during the last six months. On Saturday, October 22, 2022, the TVL in defi is around $51.72 billion, with the collateralized debt position (CDP) protocol Makerdao commanding 14.76% of the entire TVL with $7.64 billion on Saturday morning (ET).

In addition to Makerdao, Lido, Curve, Aave, and Uniswap make up the top five largest TVLs today. The liquid staking protocol Lido is just below Makerdao with a TVL of around $6 billion and $5,839,046,587 of Lido’s TVL is staked ethereum (ETH).

Makerdao recorded a 30-day increase in value as the TVL jumped 4.82% higher last month. Sushiswap saw a notable increase, rising 41.27% during the last 30 days, and the yield protocol Aura jumped 38.70% over the last month.

Out of all the blockchains today, Ethereum is the most dominant in terms of defi TVL with roughly 57% of the entire $51.72 billion locked in defi today. ETH has around $29.56 billion, while the second largest TVL by blockchain, Binance Smart Chain (BSC) has $5.32 billion or 10.33% of the aggregate value locked.

Besides ETH and BSC, Tron, Avalanche, Polygon, and Arbitrum follow behind, respectively, in terms of TVL by blockchain. Today, statistics show there are 607 decentralized exchange (dex) protocols with $21.57 billion locked.

There are 189 lending defi apps with $13.96 billion locked on Saturday and 57 CDP protocols command $10.37 billion. There’s also a total of 45 liquid staking applications that hold $7.91 billion in value today.

The value locked in cross-chain bridge platforms is also down 22% lower during the past 30 days. $7.80 billion is locked on decentralized cross-chain bridge platforms with 13,178 unique depositor addresses total.

Polygon is leading the bridge pack with roughly $3.37 billion TVL, but the TVL is down 6% during the past month. Arbitrum has around $1.44 billion which is down 2% lower than the month prior.

Polygon and Arbitrum bridges are followed by Optimism, Fantom, and the Near Rainbow bridge. The smart contract platform token market cap today is worth $281 billion and it has increased 1.4% during the last 24 hours.

The top five smart contract platform tokens today in terms of market capitalization include ethereum (ETH), bnb (BNB), cardano (ADA), solana (SOL), and polkadot (DOT). ADA, SOL, and DOT have seen losses between 3.4% and 6.8% over the last week. ETH and BNB have remained in the green during the last seven days, up between 0.3% to 0.8% this past week.

What do you think about the current state of decentralized finance and smart contract platform tokens? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

During the last 125 days or roughly four months, the total value locked (TVL) in decentralized finance (defi) has been range bound within the $50 billion to $65 billion region. The TVL in defi has shed significant value during the past six months as it dropped from $161 billion on April 1, down more than 67% lower to today’s $51.72 billion.

Defi action has subsided a great deal in terms of the total value locked during the last six months. On Saturday, October 22, 2022, the TVL in defi is around $51.72 billion, with the collateralized debt position (CDP) protocol Makerdao commanding 14.76% of the entire TVL with $7.64 billion on Saturday morning (ET).

In addition to Makerdao, Lido, Curve, Aave, and Uniswap make up the top five largest TVLs today. The liquid staking protocol Lido is just below Makerdao with a TVL of around $6 billion and $5,839,046,587 of Lido’s TVL is staked ethereum (ETH).

Makerdao recorded a 30-day increase in value as the TVL jumped 4.82% higher last month. Sushiswap saw a notable increase, rising 41.27% during the last 30 days, and the yield protocol Aura jumped 38.70% over the last month.

Out of all the blockchains today, Ethereum is the most dominant in terms of defi TVL with roughly 57% of the entire $51.72 billion locked in defi today. ETH has around $29.56 billion, while the second largest TVL by blockchain, Binance Smart Chain (BSC) has $5.32 billion or 10.33% of the aggregate value locked.

Besides ETH and BSC, Tron, Avalanche, Polygon, and Arbitrum follow behind, respectively, in terms of TVL by blockchain. Today, statistics show there are 607 decentralized exchange (dex) protocols with $21.57 billion locked.

There are 189 lending defi apps with $13.96 billion locked on Saturday and 57 CDP protocols command $10.37 billion. There’s also a total of 45 liquid staking applications that hold $7.91 billion in value today.

The value locked in cross-chain bridge platforms is also down 22% lower during the past 30 days. $7.80 billion is locked on decentralized cross-chain bridge platforms with 13,178 unique depositor addresses total.

Polygon is leading the bridge pack with roughly $3.37 billion TVL, but the TVL is down 6% during the past month. Arbitrum has around $1.44 billion which is down 2% lower than the month prior.

Polygon and Arbitrum bridges are followed by Optimism, Fantom, and the Near Rainbow bridge. The smart contract platform token market cap today is worth $281 billion and it has increased 1.4% during the last 24 hours.

The top five smart contract platform tokens today in terms of market capitalization include ethereum (ETH), bnb (BNB), cardano (ADA), solana (SOL), and polkadot (DOT). ADA, SOL, and DOT have seen losses between 3.4% and 6.8% over the last week. ETH and BNB have remained in the green during the last seven days, up between 0.3% to 0.8% this past week.

What do you think about the current state of decentralized finance and smart contract platform tokens? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

In mid-August, or 68 days ago, the market capitalization of the stablecoin BUSD was approximately $17.7 billion and since then, its grown 22.88% higher to today’s $21.78 billion. BUSD’s growth comes at a time when the market valuations of the top two stablecoins tether and usd coin have shed some excess weight.

Before the Terra stablecoin implosion, in mid-April 2022, the dollar-pegged economy looked a whole lot different than it does today. For instance, On April 11, Bitcoin.com News reported on the stablecoin market nearing the $200 billion mark for the first time in history.

That day on Monday, April 11, 2022, the stablecoin economy was worth approximately $190.1 billion, and today it’s worth roughly $146.81 billion. The slide downward all started after Terra’s UST depegging event in May, when Bitcoin.com News reported on the largest stablecoin asset tether (USDT) shedding $12 billion from its market cap.

In September, USDC started to see its market valuation deflate, losing $6.7 billion in 83 days. USDC’s market cap has reduced even more so during the last month, as roughly 12.2% has been erased in 30 days. Moreover, a few of the smaller stablecoin markets have slid well below the $0.99 to $1 parity on a few occasions in 2022.

Binance’s stablecoin issued in partnership with Paxos Trust Company, BUSD, has done the opposite, as the stablecoin has managed to increase by 22.88% or $4.05 billion higher since August 14, 2022. Since January 1, 2022, the stablecoin token backed 1:1 with U.S. dollars held in reserve, jumped 50.31% from $14.47 billion to today’s $21.78 billion.

BUSD is one of three stablecoins that happens to be situated in the top ten crypto market capitalization positions. At the time of writing, BUSD holds the seventh largest market valuation out of more than 13,000 listed crypto assets today.

Binance’s stablecoin BUSD, issued by Paxos, has published attestation reports issued monthly on the Paxos website. The attestations are written by the independent third-party accounting firm WithumSmith+Brown.

Three years ago, BUSD had a market cap just over the $440K mark on September 27, 2019. Since that day, BUSD’s market valuation has swelled by 4,946,036% in 1,120 days. For comparison, tether’s market cap jumped 1,823% and usd coin’s valuation jumped 10,177% in the same 1,120 days.

What do you think about BUSD’s growth while other stablecoins have shed excess weight in the last few months? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

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