The value of the crypto market has started to slide again after a bullish run-up over the last seven weeks. The total value locked (TVL) in decentralized finance (defi) has slipped below the $50 billion mark to $49.8 billion. The TVL in defi has fallen by 2.24% over the last 24 hours. During that same timeframe, the top smart contract token economy lost 3.7% against the U.S. dollar.
Cryptocurrency prices are down this weekend, affecting the values of smart contract tokens and the total value locked in defi. At the time of writing, the smart contract token economy is valued at $326.11 billion, but has dropped 3.7% during the last day. Over the last week, ethereum (ETH) has lost 5.6% against the greenback, and polygon (MATIC) has dropped 17.6% in value.
Currently, the TVL in defi today is $49.8 billion, with 18.03% of that value residing in the Lido liquid staking protocol. The value locked in Lido today is around $8.75 billion, up 8.43% over the last month. Makerdao, Curve, Aave, Convex Finance, Uniswap, Justlend, Pancakeswap, Instadapp, and Compound Finance follow Lido in order. Besides Lido’s 8.43% rise, Uniswap had the second-largest 30-day increase with 6.43%.
As of Feb. 25, 2023, Ethereum has the largest TVL out of all the blockchains, dominating by 58.45%. Tron follows with 10.64%, Binance Smart Chain (BSC) with 10.01%, Arbitrum with 3.89%, and Polygon with 2.36%. All five of these blockchains capture 85.35% of the aggregate value locked in decentralized finance on Saturday. Out of the top ten blockchains in terms of TVL size, only Arbitrum saw increases, with the TVL rising 9.39% last week and 60.87% over the last month.
Among the top ten smart contract coins, Polygon had the largest drop this week, at 17.6%. In terms of the entire smart contract token economy, the biggest gainer this week was stacks (STX), which rose 102.5%. The second-biggest smart contract coin gainer was kylin network (KYL), which rose 69.1% against the greenback. The two biggest losers over the last seven days in terms of smart contract tokens were astar (ASTR), which lost 26.2%, and shiden network, which shed 23.9% this week.
What do you think caused the recent slide in cryptocurrency prices, and how do you think it will affect the future of decentralized finance markets? 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, Editorial photo and widget credit: TradingView / Shutterstock.com
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.
The value of the crypto market has started to slide again after a bullish run-up over the last seven weeks. The total value locked (TVL) in decentralized finance (defi) has slipped below the $50 billion mark to $49.8 billion. The TVL in defi has fallen by 2.24% over the last 24 hours. During that same timeframe, the top smart contract token economy lost 3.7% against the U.S. dollar.
Cryptocurrency prices are down this weekend, affecting the values of smart contract tokens and the total value locked in defi. At the time of writing, the smart contract token economy is valued at $326.11 billion, but has dropped 3.7% during the last day. Over the last week, ethereum (ETH) has lost 5.6% against the greenback, and polygon (MATIC) has dropped 17.6% in value.
Currently, the TVL in defi today is $49.8 billion, with 18.03% of that value residing in the Lido liquid staking protocol. The value locked in Lido today is around $8.75 billion, up 8.43% over the last month. Makerdao, Curve, Aave, Convex Finance, Uniswap, Justlend, Pancakeswap, Instadapp, and Compound Finance follow Lido in order. Besides Lido’s 8.43% rise, Uniswap had the second-largest 30-day increase with 6.43%.
As of Feb. 25, 2023, Ethereum has the largest TVL out of all the blockchains, dominating by 58.45%. Tron follows with 10.64%, Binance Smart Chain (BSC) with 10.01%, Arbitrum with 3.89%, and Polygon with 2.36%. All five of these blockchains capture 85.35% of the aggregate value locked in decentralized finance on Saturday. Out of the top ten blockchains in terms of TVL size, only Arbitrum saw increases, with the TVL rising 9.39% last week and 60.87% over the last month.
Among the top ten smart contract coins, Polygon had the largest drop this week, at 17.6%. In terms of the entire smart contract token economy, the biggest gainer this week was stacks (STX), which rose 102.5%. The second-biggest smart contract coin gainer was kylin network (KYL), which rose 69.1% against the greenback. The two biggest losers over the last seven days in terms of smart contract tokens were astar (ASTR), which lost 26.2%, and shiden network, which shed 23.9% this week.
What do you think caused the recent slide in cryptocurrency prices, and how do you think it will affect the future of decentralized finance markets? 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, Editorial photo and widget credit: TradingView / Shutterstock.com
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.
Bitcoin’s mining difficulty reached an all-time high (ATH) on Feb. 24, 2023, at block height #778,176, reaching 43.05 trillion hashes and surpassing the 40 trillion mark for the first time ever. The network’s difficulty increased by 9.95%, which is the second-largest rise this year, as Bitcoin recorded a combined 24.89% increase during the last 60 days.
It has never been harder to mine bitcoin (BTC) than it is today, as miners have experienced a 9.95% difficulty increase at block height #778,176. Now and for the next two weeks, or approximately 2,016 blocks, the difficulty will be 43.05 trillion. The network’s average hashrate over the last 2,016 blocks was roughly 305.8 exahash per second (EH/s).
The 9.95% increase on Friday was the second-largest jump in difficulty this year, as the largest was recorded on Jan. 15, 2023, at block height #772,128. At that time, the difficulty rose 10.26% higher than the previous difficulty metric. The next difficulty change is due on or around March 9, 2023, and presently, block times have been much longer than the 10-minute average.
The average block time before the difficulty change on Friday was around 9 minutes and 11 seconds, and today, block times are between 12 and 14 minutes in length. The lengthier block time shows that the recent difficulty change has slowed miners down. On Saturday, Feb. 25, 2023, the network’s global hashrate is coasting along at values between 294.91 EH/s and 238.44 EH/s.
On Saturday, the largest mining pool in terms of hashrate is Foundry USA with 103.18 EH/s or 34.88% of the network’s total hashpower. Foundry is followed by Antpool, which commands 15.81% of the total or roughly 46.77 EH/s of hashpower. Foundry and Antpool are followed by F2pool, Binance Pool, and Viabtc, respectively. Over the last three days, 13 known pools and 15.13 EH/s of unknown hashpower collectively discovered 430 blocks in total.
What do you think about Bitcoin’s network difficulty rising to a new ATH above the 40 trillion mark? 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.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
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