Value Locked In Defi Descends Below $50B Range 9 Days After 2023 High  

There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be “devastating,” and European Central Bank president Christine Lagarde warned it would be a “major disaster” if the U.S. defaulted on its obligations. It now appears that Republican politicians are willing to raise the country’s debt limit, but only if fellow lawmakers repeal the mandates on green energy and climate change in the Inflation Reduction Act.

This weekend, there is a great deal of discussion regarding repealing several measures installed in the Biden administration’s Inflation Reduction Act. Republicans, led by House speaker Kevin McCarthy (R-CA), are looking to gut the Inflation Reduction Act, and in return, they would be willing to raise the debt ceiling. On Wednesday, McCarthy said that the repeals would “end the green giveaways for companies that distort the market and waste taxpayers’ money.”

McCarthy is not the only lawmaker proposing to repeal the Inflation Reduction Act. Congressman Andy Ogles (R-TN) introduced legislation in February aimed at “repealing the Democrats’ record spending.” “President Biden and his House Democrat colleagues shoved through countless spending measures to further their woke ‘green agenda,'” Ogles said at the time. There were complaints against the Inflation Reduction Act before it was passed, with 230 economists sending a letter to the country’s House and Senate leaders explaining that the act would fuel inflation.

After McCarthy and the House Republicans’ plan was made public, White House deputy press secretary Andrew Bates said in a memo that Republicans want to “kill over 100,000 manufacturing jobs.” Biden took to Twitter on Sunday to complain about the repeal discussion. “Repealing the Inflation Reduction Act would mean doing nothing about the increasing ferocity of natural disasters, taking away clean-energy jobs, and turning your back on families living in towns poisoned by pollution,” Biden tweeted. “Folks, we can’t let that happen.”

Biden’s tweet was met with a lot of opposition. One individual replied to the U.S. president by saying the Inflation Reduction Act “had nothing to do with inflation and everything to do with increasing climate alarmism and feeding cash into the climate industry.” Another person wrote, “In other words, you lied to Americans about what the ‘Inflation Reduction Act’ does. Now, you’re lying about what it can do. Why say anything? It’s all lies.” Another individual criticized the U.S. president for not visiting East Palestine, Ohio after the major train derailment disaster.

The U.S. is expected to default on its obligations with private investors, foreign businesses, and other nation-states by the end of the summer if the debt limit is not raised. ECB President Christine Lagarde said last week she was confident the U.S. would not let this happen as it would be a “major disaster.” The United States has accumulated more than $31 trillion in debt. Last month, after the collapse of three major banks in the U.S., Treasury Secretary Janet Yellen insisted that a debt limit breach would be “devastating” for American banks.

What do you think should be done to address the United States’ mounting debt and prevent a default on its obligations? Share your thoughts 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.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be “devastating,” and European Central Bank president Christine Lagarde warned it would be a “major disaster” if the U.S. defaulted on its obligations. It now appears that Republican politicians are willing to raise the country’s debt limit, but only if fellow lawmakers repeal the mandates on green energy and climate change in the Inflation Reduction Act.

This weekend, there is a great deal of discussion regarding repealing several measures installed in the Biden administration’s Inflation Reduction Act. Republicans, led by House speaker Kevin McCarthy (R-CA), are looking to gut the Inflation Reduction Act, and in return, they would be willing to raise the debt ceiling. On Wednesday, McCarthy said that the repeals would “end the green giveaways for companies that distort the market and waste taxpayers’ money.”

McCarthy is not the only lawmaker proposing to repeal the Inflation Reduction Act. Congressman Andy Ogles (R-TN) introduced legislation in February aimed at “repealing the Democrats’ record spending.” “President Biden and his House Democrat colleagues shoved through countless spending measures to further their woke ‘green agenda,'” Ogles said at the time. There were complaints against the Inflation Reduction Act before it was passed, with 230 economists sending a letter to the country’s House and Senate leaders explaining that the act would fuel inflation.

After McCarthy and the House Republicans’ plan was made public, White House deputy press secretary Andrew Bates said in a memo that Republicans want to “kill over 100,000 manufacturing jobs.” Biden took to Twitter on Sunday to complain about the repeal discussion. “Repealing the Inflation Reduction Act would mean doing nothing about the increasing ferocity of natural disasters, taking away clean-energy jobs, and turning your back on families living in towns poisoned by pollution,” Biden tweeted. “Folks, we can’t let that happen.”

Biden’s tweet was met with a lot of opposition. One individual replied to the U.S. president by saying the Inflation Reduction Act “had nothing to do with inflation and everything to do with increasing climate alarmism and feeding cash into the climate industry.” Another person wrote, “In other words, you lied to Americans about what the ‘Inflation Reduction Act’ does. Now, you’re lying about what it can do. Why say anything? It’s all lies.” Another individual criticized the U.S. president for not visiting East Palestine, Ohio after the major train derailment disaster.

The U.S. is expected to default on its obligations with private investors, foreign businesses, and other nation-states by the end of the summer if the debt limit is not raised. ECB President Christine Lagarde said last week she was confident the U.S. would not let this happen as it would be a “major disaster.” The United States has accumulated more than $31 trillion in debt. Last month, after the collapse of three major banks in the U.S., Treasury Secretary Janet Yellen insisted that a debt limit breach would be “devastating” for American banks.

What do you think should be done to address the United States’ mounting debt and prevent a default on its obligations? Share your thoughts 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.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

The total value locked in decentralized finance (defi) has descended below the $50 billion range after reaching a 2023 high of $53.63 billion on April 14. This shift has been felt across the board with the top 18 defi protocols recording losses during the past seven days, and the largest defi protocol by TVL size, Lido, losing 8.25% over the past week.

Crypto asset markets have experienced volatility in the past seven days, and on Sunday, April 23, 2023, the total value locked (TVL) in defi dropped below $50 billion, reaching $48.78 billion. Currently, Lido is the largest defi protocol by TVL, with $11.64 billion in TVL, representing 23.85% of the total value locked in defi today. Despite an 8.25% decrease in its TVL this week, 30-day statistics show that Lido’s TVL has increased by 9.92%.

Only two defi protocols out of 20 saw TVL gains this week, with the applications Juststables and Venus leading the pack, according to defillama.com stats. Aura recorded the biggest TVL loss at 18.29%, and Aave lost 14.09% in the past seven days. Out of the $48.78 billion locked in defi today, over 58% of that value is on the Ethereum chain, with $28.68 billion spread across 752 ETH-based defi protocols. Following Ethereum is Tron ($5.29 billion), Binance Smart Chain (BSC) ($4.67 billion), Arbitrum ($2.18 billion), and Polygon ($1.05 billion).

Although the total value in defi has decreased this weekend, the top smart contract token economy has increased by 2% over the past 24 hours to reach $369 billion. However, nine out of the top ten smart contract tokens have experienced weekly declines in value against the U.S. dollar. Tron, on the other hand, has risen by 1.1% over the last week. Out of the $369 billion in value, Ethereum’s market cap accounts for $225.99 billion, BNB’s valuation represents $52.23 billion, and Cardano commands $13.74 billion.

Decentralized finance protocols that saw significant rises in the past seven days include Shade Protocol, Toreus, Spoon Exchange, Flux Protocol, and Dove Swap. The biggest defi losers this week include Atlas Aggregator, Multialt, Sohei, Arbiten, and Bodh Finance. Defi protocols that have recorded increased gains over the past month include Lodestar Finance, Bonsai Strike, and Algomint. Some defi protocols, such as Bourbon DAO, Soluna, and Angel Protocol, experienced significant TVL losses in the last 30 days.

What do you think the future holds for the defi market in light of recent volatility and TVL losses? Share your thoughts 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.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.