Crypto Market Slides: Defi TVL Plunges Below $50B Mark

• Crypto market slides as total value locked in defi falls below $50 billion mark
• Smart contract token economy and value locked in defi dip
• Ethereum has the largest TVL out of all blockchains

Crypto Market Slides

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, with a decrease of 2.24% over the last 24 hours. The smart contract token economy is valued at $326.11 billion, but lost 3.7% against the U.S dollar during this same period.

Ethereum Dominates Defi

Ethereum currently dominates the TVL in defi by 58.45%. Other blockchains such as Tron, Binance Smart Chain (BSC), Arbitrum, and Polygon make up 10.64%, 10.01%, 3.89%, and 2.36% respectively, totaling 85.35%. Lido liquid staking protocol holds 18.03% of this amount with a current value of around $8.75 billion, increasing 8.43% over the past month alone. Uniswap had the second largest 30-day increase with 6