DeFi TVL Remains Flat as Crypto Market Shrugs Off Another Bearish Weekend
Total Value Locked in DeFi remains slightly indifferent as the market saw a bullish opening to the new week.
The anticipation of market bulls for a probable bullish run in the general cryptocurrency ecosystem is waning in the short term.
In line with the turbulent markets, the Total Value Locked (TVL) in Decentralized Finance (DeFi) ecosystem has fallen off a cliff since it attained its peak of over $88 billion back in May. However, current trends showcased by DeFiPulse indicates that investors maintain a neutral position in DeFi investments.
The TVL in DeFi protocols on July 10 was $55.94 billion, a value that has seen only mild growth today, with values cresting at $55.05 billion. The individual DeFi protocols have seen healthy competition amongst one another, with Aave overtaking the likes of Compound and Maker as the protocol with the most TVL at the moment with a $10.72 valuation. Instadapp has also risen from the lower points to boast of $8.83 billion in TVL.
While these DApps are generally seeing increasing embrace, their current performance is more consolidated, as a general uncertainty permeates the crypto ecosystem.
Influence on Price
For about two weekends, Bitcoin (BTC) has led the cryptocurrency ecosystem in an unusual rally where the market did not experience a bearish dip. The influence of Bitcoin has perhaps rubbed off on both the prices of DeFi tokens, as well as the underlying Total Value Locked (TVL).
While the Aave protocol currently has the highest TVL, the Synthetix Network Token (SNX) ranks as the DeFi token, with the most gains coming into the new week. The coin is changing hands at $13.19, up 21.58% in the past 24 hours. Other tokens, including Compound (COMP), Maker (MKR), and SushiSwap (SUSHI), are up 3.17%, 2.34%, and 3.80%, respectively.
In retrospect, a growing valuation in DeFi tokens, per pricing brought on by increased trading volume, is not reflective of the Total Value Locked growth.
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