The cryptocurrency market exhibited a huge slump last week. The total value locked in DeFi has shown a similar trend too. The sum total of all the crypto assets that are presently accumulated in a DeFi protocol is termed as Total value locked (TVL). The current recovery of the crypto market boosted the TVL of DeFi platforms as well.
A month ago, the TVL of all the DeFi protocols had dipped down to $185.9 billion. The TVL of all the DeFi platforms has rebounded by 10.6% since then and has crossed the $200 billion tag. On 27th February 2022, TVL has reached $200.94 billion.
Top TVL gainers among DeFi protocols
Ethereum has gained the highest traction in DeFi with 55.94% of the market share. Ethereum’s current deposited assets are valued at $112.36 billion followed by Terra with $20.17 billion locked. Terra is the second-highest gainer among the DeFi platforms. By securing the TVL of $12.13 billion Binance Smart Chain is at the third position among the DeFi blockchain networks.
Chainlink has become the leading oracle company in the market by owning 138 DeFi protocols and having a TVL worth of $52.66 billion.
Top smart contract tokens gainers
Cypherium (CPH) has topped this week’s list with a hike of 330%. Counterparty (XCP) is the token which has the second-highest weekly gains of smart contract coins. It has witnessed a spike of 54%. This week’s third-largest gainer is Terra (LUNA) with a rise of 52%. All three of these have double-digit weekly gains showing a massive recovery from last week’s market dip.