Despite the current bear market in the cryptocurrency market, the decentralized finance (DeFi) ecosystem continues to show power, with the cumulative Total Value Locked (TVL) on major Defi smart contracts remaining above the $60 billion all-time high (ATH).

DeFi Smart Contracts

Despite the prevailing bearish trend in the markets, data from DeFiPulse, a decentralized finance market aggregator, the TVL has sustained a zig-zag trend in dollar terms in the past two days, rising to $61.262 billion on April 16, falling to $58.045 billion on April 17, and returning to its current $60.1 1 billion. Despite the ongoing market downturn, the total value locked in DeFi Smart Contracts remains above $60 billion.

4zxqg11jzUehyHg1z0c38ogPnvIGS6nIkOzh4aTCFs3qfRncbUuDWy ndHnFLdCvlK4nFwEbVpQCCl Yr7kmuROF8 isCYux

Compound (COMP), a decentralized finance lending protocol, dominates the DeFi industry, contributing $10.94 billion, or 18.20 percent of the TVL. However, according to CoinMarketCap, COMP is down 21.24 percent to $451.35 at the time of publishing. Aave (AAVE), Maker (MKR), and SushiSwap (SUSHI) are among the other DeFi protocols that are down 18.09 percent, 15.62 percent, and 21.52 percent, respectively.

These DeFi token dumps are strikingly similar to Bitcoin’s 11.60 percent price retracement in the last 24 hours, currently trading at $54,298.74.

Current Price Drop is Negated by Bullish Impressions

The wider cryptocurrency industry, in which the decentralized finance ecosystem is a subset, reacts to emotions, which has a big effect on their future prospects. DeFi protocols are at the forefront of the world’s current financial revolution’s dynamic developments. Though product offerings currently range from lending to flash loans and Automated Market Maker (AMM) trading platforms, DeFi service providers are relentless in developing new technologies to keep conventional finance in check.

The Uniswap V3 protocol, a framework that will arguably position the Decentralized exchange (DEX) as one of the most powerful automated money makers serving cryptocurrency enthusiasts today, will be released on May 5 by Uniswap, an AMM. According to estimates, Uniswap’s native cryptocurrency, the UNI tokens, would possibly rocket to a new high above $50 as a result of the expected update.

Source : Bitcoin Warrior.

Defi the next move in crypto world
But what is Defi first First, what? This is a ‘decentralized financial system’ which applies to multiple applications encouraging people to exercise transfers without an entity or third-party mediator.

apple c3Mfla

Crypto Investor Sues Apple Over Malicious App That Stole Cryptocurrencies

A crypto investor has filed a class-action lawsuit against Apple Inc. after she downloaded a malicious application from the company’s App Store that led to the theft of her cryptocurrencies ...
Read More
el salvador 700 bitcoins vXVftY

El Salvador Buys More Bitcoin — Country Now Holds 700 BTC

El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar, has purchased more bitcoin. The Salvadoran government now holds 700 coins, according to President Nayib Bukele. El ...
Read More
spellfire W3XG19

Spellfire: NFT That You Can Actually Touch

In recent months NFT or as it coded, non-fungible tokens became a hot topic that everyone is talking about. NFT is a valuable model of digital ownership from which you ...
Read More
crypto market values nosedive amid global market meltdown widening default risks fqj30W

Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks

Crypto markets have dropped a great deal in value over the last 24 hours as crypto assets across the board have lost anywhere between 7-15% in value during this time ...
Read More
uuuiiiiiiii q9BdeQ

Largest NFT Market by Volume Opensea Launches Smartphone Application

On September 17, the largest non-fungible token (NFT) marketplace in terms of volume, Opensea, announced the launch of the platform’s mobile application. Opensea marketplace users can now access a wide ...
Read More
Share with Others