Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading the pack by 13.27%. At the time of writing, the top smart contract platform coins by market capitalization are up against the U.S. dollar in value, roughly by 0.6%, and the smart contract token economy is valued at $296 billion. While smart contract tokens improved during the last 24 hours, the state of defi has been at the lowest value since March 29, 2022. Ethereum is followed by Tron’s $5.41 billion and the $5.38 billion held by Binance Smart Chain (BSC) defi protocols.