While digital currencies like bitcoin and ethereum lost roughly 10% in value during the last 7 days, the decentralized finance (defi) economy has weathered the storm better than the top two leading crypto assets. A slew of blockchain games coins, defi tokens, and metaverse assets (Gala, crypto.com coin, wax, kadena, wonderland, …) have seen double-digit gains during the last 24 hours.
Defi Overcomes the Crypto Economy Storm
While bitcoin (BTC) has hovered just above the $60K zone in consolidation, the defi economy and a number of other crypto assets have seen decent gains. Statistics from defillama.com show that on November 9, the total value locked (TVL) in defi protocols tapped $275 billion and today it’s only 6.54% lower at $257 billion. The defi protocol Curve commands 8% dominance amid the $257 billion with $20.63 billion TVL.
Curve’s TVL is followed by Makerdao ($18.16B), Aave ($15.59B), Convex Finance ($15.34B), and WBTC ($14.66B), respectively. The top three chains today in terms of TVL in defi include Ethereum (ETH), Binance Smart Chain (BSC), and Solana (SOL). ETH captures $172.22 billion or 66.93% of the aggregate TVL in defi on Wednesday. BSC has $19.56 billion or 7.60% and SOL has $13.32 billion or 5.17%.
7 Tokens See Double-Digit 24 Hour Gains
The top gainer during the last 24 hours is the blockchain game coin gala (GALA), up 110.4% today. Crypto.com coin (CRO) has increased 28.5%, wax (WAXP) jumped 16.7%, kadena (KDA) spiked 16.0%, wonderland (TIME) lifted 14.8%, avalanche (AVAX) rose 14.3%, and curve dao token (CRV) increased by 10%. The aforementioned seven tokens are the only coins on Wednesday that saw double-digit gains among the 10,000+ crypto assets.
Other notable gainers include theta fuel (TFUEL) up 8.3%, kucoin token (KCS) jumped 5.2%, nem (XEM) rose 5.2%, polygon (MATIC) increased by 4.8%, and iota (MIOTA) spiked 4.3% during the last 24 hours. Defi cross-chain bridge action is around $23.98 billion total value locked with Ronin Bridge commanding $7.5 billion, according to Dune Analytics metrics. 30-day changes in cross-chain bridge TVL show bridge TVL is down 6.3%.
The top five decentralized exchange (dex) platforms today include Uniswap (Ethereum), Trader Joe (Avalanche), Quickswap (Polygon), Alcor.exchange (WAX), and Sunswap (Tron). During the last 24 hours, the Avalanche-based Trader Joe saw $150.89 million in dex swaps, while today’s leader Uniswap processed $901 million, according to dappradar.com’s records on November 17.