When crypto markets turn bearish, there will be a cascading effect on decentralized finance and its TVL numbers. Although major chains lost value this past week, several smaller ecosystems noted a substantial increase. There is always something exciting to learn in the crypto and blockchain world.
Fantom, Harmoney, And Osmosis Growth
Interesting trends become apparent when looking beyond the top ecosystems and blockchains for DeFi Total Value Locked. It would appear users flock to smaller ecosystems when overall crypto prices turn bearish. For example, a recent price increase for Fantom (FTM) coincides with the network’s TVL rising by nearly 16% for the week.
That is remarkable, as Fantom recently lost a fair amount of Total Value Locked. Even this week, three projects on Fantom lost 100% TVL – Tomb Finance, Grim Finance, and Draco Force – yet others gained over 45% in Total Value Locked – Hundred Finance, Luxor Money, Tetu, TopShelf, Coffin Finance, and others.
Harmony had a strong week for decentralized finance too. Although DeFi Kingdoms remain the top project by TVL, Multichain received a 16.26% liquidity boost. Other projects increasing their holdings include Tranquil Finance, Hundred Finance, Synapse, FarmersOnly, etc. Harmony now has 36 DeFi projects, which is a fairly good number.
Osmosis also had a fantastic week where DeFi Total Value locked is considered. Thanks to a 32.18% TVL increase, the project is establishing itself among the top contenders. Osmosis has over $1.13 billion in Total Value Locked today, confirming the project’s strong growth. In late July 2021, Osmosis represented a TVl of under $97,000.
Ethereum Loses Less Than You Might Think
Even though the price of Ether has been taking an absolute beating recently, the ecosystem’s Total Value Locked doesn’t decrease that much. Although a 4.1% setback is quite steep on a value of over $148 billion, there seems little reason for overall concern. Ethereum’s TVL dip is lower than Terra (-9.97%), Binance Smart Chain (-5.53%), Avalanche (-6.84%), and Solana (-11.49%).
It will be exciting to see how these rankings look in a few months from now. A crypto market rebound seems all but inevitable, although no one knows when it will happen exactly. However, the DeFi ecosystem remains as resilient as ever. Surpassing $300 billion in Total Value Locked remains a matter of time.
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