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.

Dai vs. Traditional Fiat: Examining the Advantages and Disadvantages

In the world of finance, the emergence of cryptocurrencies has brought about significant changes to the traditional financial landscape. One such cryptocurrency that has gained considerable attention is Dai. In ...
Read More

Finding the Best Crypto News Sources in 2023

The cryptocurrency market is fast-paced and ever-changing. With new projects launching, regulations shifting, and prices fluctuating daily, it's essential for crypto investors to stay up-to-date on the latest developments. However, ...
Read More

Top 5 Best Memecoins in 2023

It's the year 2023, and the meme culture got more popular than anytime. Every industry started to use memes for marketing or purely for fun. The crypto space is not ...
Read More

Momentum Trading in Cryptocurrencies: Riding the Price Trends to Profit in 2023

In the ever-evolving world of cryptocurrencies, momentum trading has emerged as a prominent strategy for savvy investors seeking to capitalize on price trends. With the volatile nature of digital assets, ...
Read More
Australian crypto exchange launches learning scheme

Australian crypto exchange launches learning scheme

There has barely been a day over the past year or so when crypto has been out of the news in Australia. It all began with the sudden collapse of ...
Read More
Share with Others